Australian Central Bank Releases Data About Crypto Users: 80% Already Know Bitcoin

Data released by the Reserve Bank of Australia (RBA), the central bank of the country, 80% of the surveyed people know about virtual currencies. Although this seems to be a good thing, just 1% of them used Bitcoin or any other virtual currency in 2019 to buy for goods and/or services. The information was released on March 19 by the financial institution in its report about consumer payment behaviour in Australia. 

RBA Shows Crypto Usage And Knowledge

Cryptocurrencies have been expanding all over the world in the last years and Australia became a clear leader in the space and in the region. There are several companies offering crypto-related services in the country and many investors are trading digital assets in this country. 

The recent survey made by the Reserve Bank of Australia provides evidence that individuals in the country are moving towards electronic payment methods rather than cash. This includes credit and debit cards and also virtual currencies. Nonetheless, a large part of the population continues to make payments in cash. 

The report shows that there have been some changes in the way in which consumers pay for the goods and services they acquire. For example, in the last few years, they have decided to use “buy now, pay later” (BNPL) services that enable customers to get goods and services immediately but pay later in different instalments. 

Regarding virtual currencies, they show that more than 80% of the respondents know what virtual currencies are and how they work, but just 1% of them used them to pay for goods or services. This represents the largest gap between known payment method and the number of users that claimed they have used it in the past year. 

On the matter, the report reads as follows:

“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 (indeed, less than one per cent had done so). In contrast, around one third of consumers reported that they had made an in-app mobile payment.”

The report shows that virtual currencies continue to expand all over the world but just a few individuals are really using them to pay for goods and services. This is one of the main challenges crypto leaders and figures have: convince people to start using digital assets as a means of payment.