A study released by the Reserve Bank of Australia has revealed that while most Australians are aware of cryptocurrencies, only a small number actually use them.
“Although many respondents had heard of ‘cryptocurrencies’, very few had used a cryptocurrency such as Bitcoin to actually make a consumer payment over the past year,” the study said.
The survey was conducted in October and November of 2019 and was published in RBA’s triennial Consumer Payments Survey. It showed that among the 1,100 respondents, 80% were fully aware that cryptocurrency can be used to pay for goods, but only 1% used them regularly.
The study also found that cryptocurrency is now the third-most recognised alternative payment method behind ‘Tap and Go’ mobile payments and ‘Buy Now Pay Later’ services.
Despite widespread knowledge of its existence, cryptocurrency still has the worst usage-to-awareness ratio of all payment methods included in the survey.
While cash payment remains the most popular payment method for citizens aged 65 and up, cash use is declining overall. This is especially true among the younger population. The survey found that people under 40 years of age use cash in only 15% of recorded transactions, leading to an overall drop in cash use in 2019.
The 2019 study marked the first time that the RBA included cryptocurrencies in the survey.
Tax authorities are also increasingly taking note of developments in cryptocurrency, as evidenced by a recent ATO crackdown on thousands of cryptocurrency investors over potential undeclared profits.