September 22, 2021

UK Post Office Enables Citizens to Buy Bitcoin via its App

It has been an incredible development all over the globe when it comes to crypto adoption and especially Bitcoin. Banks, commerce businesses, tech industries as well as states are now very much into Bitcoin and other cryptocurrencies as well which is a positive sign and proves the significance of decentralized finance as we step into the future. UK Post Office has recently dived into the crypto space; it is now offering its clients an option to buy Bitcoin and various other cryptocurrencies as well. This amazing proposition is presented by the UK Post Office in collaboration with a decentralized crypto exchange known as Swarm Markets.

The Telegraph has even issued a detailed report around this as the UK Post Office will not be receiving any commissions for the cryptocurrencies that it manages to sell to its clients. On the contrary, the UK Post Office will be receiving some payment for registering the users with software which is an ID verification system for anyone who wishes to buy Bitcoin.

The UK does not have Clear Regulatory Rules for Cryptocurrencies

Those who are already using or are registered via the Post Office’s EasyID app will be able to buy Bitcoin and other cryptocurrencies via their phone using the Swarm Markets app. Moreover, the app will also be helping these users to carefully explore different buying options as well as to authenticate their age and identity before making a purchase as required by the UK government as a regulation in place.

Even if the UK is making a solid transition into the crypto space, the local analysts are still somewhat skeptical of this whole thing and consider cryptocurrency a risky investment. Many banks and market analysts have stopped their users from engaging with the crypto market in any form because it is still risky, and the volatility factor is still there, which is not considered a very sound medium for investment. There is still some regulatory shortcoming that stops enlightened investors from engaging with the crypto market because at the core of this whole thing; they know that their investment is not safe and that the state is not going to help them in any form or way because there is no regulatory framework whatsoever.