A new study exposes an existential threat to banks that remain on the sidelines of the cryptocurrency revolution

<p>The CBA's foray into cryptocurrency could pay off handsomely, with a new Visa survey indicating that up to a third of Australian cryptocurrency owners are likely or extremely likely to transfer their primary bank to one that offers crypto products in the next 12 months.</p> <p>With around 20% of Australians having digital assets, up to 7% of bank customers may switch financial institutions.</p> <p>The advantage for banks that do embrace cryptocurrency is that the Visa research also discovered that a sizable majority of cryptocurrency owners (82 percent) are interested in purchasing cryptocurrency from their bank.</p> <p>According to the global study The Crypto Phenomenon: Consumer Attitudes and Usage, 93 percent of financial decision makers in Australia are aware of cryptocurrency.</p> <p>Additionally, the research indicates that cryptocurrency usage is increasing, with more than a quarter (27%) of Australian crypto-aware respondents directly engaging with crypto as an investment vehicle or a medium of trade.</p> <p>Visa's ANZ Head of Innovation, Anthony Jones, stated that the findings demonstrate a sea change in how people see money and investing.</p> <p>"Digital currencies and crypto assets represent a paradigm shift in technology, not just for money movement but also for digital ownership, and growth in this field is expected to continue," he said.</p> <p>"As consumer investment in this new asset class grows and Australians begin to rethink their approach to money in the future, every financial institution will require a crypto strategy."</p> <p>The study findings come as the Australian government said this week that it will investigate the feasibility of a central bank digital currency as part of its effort to embrace cryptocurrency and digital assets following the Bragg report into the sector.</p> <p>Treasurer Josh Frydenberg's ideas are part of the country's biggest payment system overhaul in 25 years.</p> <p>Over 790 financial decision makers in Australia were polled for the Visa study. It dis