Post Office app can be used to buy crypto in UK

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The state-run UK postal service allows consumers to buy Bitcoin in a way.

The Post announced that its identity verification app can be used to log into a decentralized exchange called Swarm Markets and from there vouchers can be purchased and exchanged for crypto.

As a result of this arrangement, the Post will not receive a commission if the crypto is purchased, it simply acts as an intermediary when it comes to verifying your customer’s knowledge.

Despite this, the decision drew criticism. A financial planner told the Daily Telegraph that cryptocurrencies should be sold with a wealth warning that their value could drop significantly and wondered why the Post got involved in this volatile asset class.

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Alarmed politicians

A number of MPs have also called on the Post to reconsider whether its EasyID app should be used in this way.

Dame Angela Eagle, who sits on the Treasury Select Committee, told the newspaper:

This is extremely worrying … La Poste runs a huge risk of completely damaging a trusted brand. They are risking their own brand for something that is not regulated and gives it legitimacy and credibility. I think they should stop it right away.

Swarm Markets describes itself as the world’s first licensed DeFi protocol with high liquidity and claims that it offers the convenience and transparency of DeFi with the confidence of financial market compliance.

Regarding his partnership with the Post, an executive said he wanted to make sure Bitcoin and Ether can be purchased easily and securely.

Regulators are more concerned that a lack of understanding among UK consumers will push them to invest more than they can afford to lose.

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