More Australians Buy Things with Crypto, But Banks Keep Blocking

Imagine trying to buy something online, but your bank keeps stopping you. That's what's happening to many Australians who want to use cryptocurrency (digital money like Bitcoin).

A new survey of 2,000 Australians shows some interesting changes:

• 12% now use crypto to buy things - that's double from last year (was 6%) • 21% use it for online shopping • 16% use it to pay for services like freelance work or video games

But here's the problem: 30% of crypto users say their banks delay or block their transactions. That's way up from 19% last year.

Why are banks doing this? Since 2023, major Australian banks like Commonwealth Bank have put limits on crypto: • They delay payments to crypto exchanges (websites where you buy crypto) • They cap how much money you can send • They ask for extra identity checks

Younger people and those making smaller purchases face the most problems. The banks say they're being careful because there aren't clear rules about crypto yet.

The solution? Experts say Australia needs clearer laws about cryptocurrency. With proper regulations, banks would feel safer allowing these transactions, and people could use crypto more easily.

For now, Australians are stuck between wanting to use this new technology and banks that won't let them.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/news/australia-crypto-payments-rise-banking-blocks-survey?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound