British Post Office ID App to Sell Bitcoin Vouchers in a few days

The British Postal Service will soon make it possible for anyone to purchase crypto through its identity verification app.

British Post Office ID App to Sell Bitcoin Vouchers in a few days

The British Postal Service will soon make it possible for anyone to purchase crypto through its identity verification app.

A deal was signed between the Post Office and decentralized exchange (DEX) Swarm Markets, which brought about the move.

Swarm allows verified users of the Post Office's EasyID app to redeem vouchers for crypto assets by clicking through to the company's website.

Only the ID app is in charge of the Post Office; it does not profit from vouchers sold or endorse crypto sales. This is according to the Telegraph. Post Office EasyID uses an identity verification software powered by Yoti, a digital verification company.

The move is opposed by some UK politicians. MP Angela Eagle told The Telegraph "the post office runs a hazard of losing its credibility and completely damaging a trusted brand [for] something that is unregulated and unsupervised." They should stop it immediately."

Nicholas Morgan of the Conservative Party added: "It seems strange that the Post Office would touch such a thing."

The United Kingdom's top finance authority, the Financial Conduct Authority (FCA), warned crypto investors back in January that they could lose their entire investment.

British regulators have expressed concern over crypto's extreme price volatility and gave UK crypto companies until next March to register with them.

The FCA banned Binance Markets Limited from operating in the UK after it withdrew its application. Binance Global is a Chinese cryptocurrency exchange. Binance.com has not allowed withdrawals of cash from UK customers since the ban.

Although crypto trading in the United Kingdom remains unaffected by the new regulations, the Post Office's move to facilitate crypto trading may cater to those who have been left out by Binance