According to a study by the Reserve Bank of Australia (RBA) in 2019, less than 1% of Australians paid for consumer goods using cryptovoltaic, but 80% had heard of crypto assets.
The Triennial Consumer Survey (CPS) conducted by the RBA shows that while consumers generally prefer digital and alternative methods of cash payment, they rarely pay in cryptocurrencies. The country's Central Bank conducted the survey in October and November 2019, with about 1,100 respondents participating.
More than 80% of those surveyed said they had heard about crypt currencies. However, cryptovalues have become the least used alternative method of payment, inferior to AliPay and WeChat Pay, PayID and Beem It banking services, and mobile payments in applications. Only 1% of respondents confirmed that they used cryptov currencies to pay for consumer goods and services during the last year.
The study also showed that the ratio of user awareness to the frequency of payment method usage is worse for cryptocurrencies than for other payment methods.
"While many respondents have heard of cryptovalues, only a few have used cryptovalues to make consumer payments over the past year", — says RBA.
Similar surveys have been conducted five times before, but cryptocurrencies first appeared on the list of alternative payment methods only in the 2019 survey.
The RBA also found that cash use in Australia declined in 2019, especially among people under the age of 40, who paid cash in only 15% of cases. The study found that even older respondents stopped using cash. However, this method remains popular among those over 65 years of age.
The Central Bank of Australia, like most global financial regulators, monitors the development of the cryptographic industry. At the beginning of the year, the RBA said that cryptovalues, including stealcoins issued by central banks, are unlikely to replace ordinary money.
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