Australians to Buy Bitcoin through Australia’s Post Office
Buying bitcoin through a cryptocurrency exchange is not always the most convenient way to acquire the digital asset. Strict Know-Your-Customer policies can often make the process long and unpleasant. For others, giving up their crucial ID information to some online company is out of the question.
The Australia Post is now stepping in to make the process smoother. Using a Digital ID will facilitate the process to purchase bitcoin.
The key change here is that customers will no longer need to verify their documents or keep submitting their photos. In other words, the Australian Post acts as a go-between with cryptocurrency exchanges. This touch and go service could obviously bring in more users who are discouraged by the long registration processes.
According to Cameron Gough, the General Manager of Australia Post’s Digital iD, the technology can solve many problems.
“Digital iD, gives people more control over the personal data they share with organisations,” Cameron Gough said.
The initiative could also help net some of the 11.7 million customers who would rather buy from a government agency instead of an obscure exchange.
Digital Surge, a Brisbane-based Bitcoin exchange, is among the earliest adopters of the Digital iD platform.
“Digital iD allows us to verify the identity of a prospective Bitcoin buyer in minutes, instead of the days it takes other exchanges,” said Josh Lehman, the Director of Digital Surge.
The project, according to local media outlets, is, however, experiencing reduced funding under a new leadership. Nevertheless, it has reached an advanced stage with the service trialed in 13 organizations.
The Digital ID project is also running parallel to a similar government project. To buy bitcoin, customers can use their driving licenses, give their passport details or scan QR codes.
The Australian Post keeps the data in one place which obviously raises some privacy concerns. Nevertheless, it provides a much-needed solution in the fast evolving space. More importantly, it eliminates the need to have to sign up manually to cryptocurrency exchanges.
A cryptocurrency exchange Digital Surge is already using the system. Other cryptocurrency companies such as CoinJar and Coin Loft are also on board.