It is a rare event witnessing systems of two different eras combining. And finally, an example of such sort is happening in Britain. As a matter of fact, the country’s post office will help residents buy crypto vouchers through its identity verification app.
To make this happen, the post office has signed a deal with Swarm Markets DEX. With this deal, verified users of the Post Office’s app, EasyID, can browse Swarm’s website and purchase vouchers. Eventually, users can redeem those vouchers for cryptocurrencies.
According to The Telegraph, the post office does not receive any commission from vouchers sold or endorse crypto sales. Moreover, Swarm pays Yoti, the company powering the identity verification technology in Post Office EasyID.
While the move is pretty inspiring considering the stance of governments towards cryptocurrencies, not everyone is affirmative of it. Labour MP Angela Eagle told The Telegraph,
“The Post Office is running a huge risk of completely damaging a trusted brand [for] something which is unregulated and giving it legitimacy and credibility. I think they should stop it right away.”
Also, the conservative party’s Nicky Morgan added:
“It does seem a very odd thing for the Post Office to get involved with.”
In general, the country’s top finance watchdog, FCA, has regularly warned users about the extreme price movements of cryptos. As a matter of fact, it had banned Binance, arguably the biggest crypto exchange globally for non-compliance with the regulations.
Moreover, FCA has cited the extreme price volatility of crypto as a cause of concern. Also, they gave UK crypto companies some time to register with the authority.