“Anyone in China with a smartphone can now act as a bitcoin ATM with BTC China’s new mobile app that lets users buy and sell bitcoins in different major world currencies. The mobile app has been launched along with a physical ATM.
The launch of the Picasso ATM coincides with the Chinese crackdown on financial institutions using bitcoin, and could boost BTC’s international customer base.
The web-based application will be in place of a physical ATM, and can be used to transfer the cryptocurrency into hard currency worldwide.
The physical ATM is located at the IC Coffee Shop in Shanghai’s Pudong Zhangjiang tech park. Here people can insert yuan into the machine in exchange for bitcoins, but cannot withdraw any cash.
Although there is no current ban on cryptocurrencies in China, the People’s Bank of China has warned financial institutions that they shouldn’t trade digital tender, like bitcoin.”
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