2023-05-13 07:39:19
Canadians can buy up to 999 Canadian dollars (CAD) worth of bitcoins by mail without KYC identification. Another big step towards mainstream bitcoin adoption.
In recent years, Canada has been in the crypto news mostly because of its legal battles over donations sent to truck rallies, and then some BTC were also seized by the Canadian authorities. Compared to this, it may be surprising that Canada Post is now facilitating access to bitcoins for the public, where purchases worth up to CAD 999 are carried out without personal documents and identification.
The service is provided by the local Bull Bitcoin crypto exchange: following scanning a QR code in the company’s mobile app, customers can pay with cash or bank card at any post office in Canada. The transaction is completed in a few minutes and appears in the customer’s BTC balance. Of course, simplicity comes at a price: you have to pay a 2% commission for the service, which, although it may seem steep, according to the company’s information, is still the most favorable fee on the local market – for comparison, this cost is significantly more favorable for the BTC ATMs available here.
According to Canadian regulations, cryptocurrency exchanges must perform KYC identification for transactions over CAD 1,000. A Bull Bitcoin in its announcement, it specifically stated that its new practice complies with all data protection regulations, and since the service is provided with cash and debit card transactions, the company actually has no reason to order mandatory KYC identification.
Bull Bitcoin aims to expand its target group with the new service and make it easier for less technologically savvy users to access bitcoin. Cash purchases are also an option for those who do not have a bank account or do not wish to disclose their data to third parties. In addition, many people with an immigrant background live in Canada, who can easily send money to their relatives and friends back home thanks to cryptocurrencies.
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