The Australian postal service uses digital identification technology that allows crypto-exchanges to significantly simplify the process of buying cryptocurrency.
Using the "Digital iD" service from the Australian Post, Australians will no longer have to spend a few days or even weeks waiting for identity verification on the crypto-exchange before starting trading cryptocurrencies, which is currently due to the laws of KYC and AML in the country. Instead, they can complete their registration procedures in just a few minutes.
Erasing obstacles
The main consequence of the use of Digital iD is that the main barrier to the adoption of cryptocurrencies, which traditionally face crypto - exchanges - the complexity of confirming the identity of customers-was eliminated by one agreement.
Instead of repeatedly disclosing the data of their own documents to different platforms, which in itself represents a significant risk to the security of users, now users need to get a Digital iD from the Australian Post, and then you can use this digital ID on any platform integrated with the service.
Users are also given the opportunity to decide what kind of data they want to disclose each time they associate their Digital iD with a new platform, reducing their exposure to security threats. One of the first companies to start using the new technology is Digital Surge, a Brisbane - based cryptocurrency platform that allows users to pay their bills with cryptocurrency and buy and sell cryptocurrencies for investment or trading purposes.
Digital Surge Director Josh Lehman highlighted the usefulness of Digital iD on its own platform, saying:
Digital iD allows us to verify the identity of a potential buyer of bitcoins in a matter of minutes, rather than spending the days that other exchanges need. For the first time, an Australian can buy bitcoin within a few minutes. We wanted to create a secure, simple and fast exchange, and Digital iD allowed us to do so.
Giving his thoughts on the potential of Digital iD to scale and solve problems even beyond crypto-exchange KYC procedures, head of Digital iD Manager initiative Cameron Gough said:
Digital iD gives people more control over the personal data they share with organizations. For example, most people use their driver's license to prove they can visit a bar, but all they need is a name and date of birth, not all information about the person, including the full address of his residence.
In addition to Digital Surge, Digital iD is currently used by two other crypto-platforms - Coinjar and Coin Loft. The long-term implications of simplifying the identity management process are yet to be understood, but a number of observers believe this could be a boost to attracting a significant number of new Australian investors to the crypto-sphere as it relieves them of the stress and risk of identity verification on crypto-exchanges.
Link to the source of information (Russian) - https://altstake.io/news/digital-idavstraliyskaya-pochta-uproschaetispolyzovanie-kriptobirgh