The creation of a new online app that can turn devices like a smartphone into a Bitcoin vending machine has allowed the exchange BTC China to install China’s first cryptocurrency ATM in Shanghai. The machine can be found at a coffee shop located in the Zhangjiang Hi-Tech Park.
Despite all the problems Bitcoin has been having with the Chinese government and the People’s Bank of China, the local Bitcoiners can now buy digital coins directly from the machine in exchange for yuan. However it is not possible yet to withdraw fiat currency.
Reuters recently paid a visit to the coffee shop where the vending machine is located. According to the news agency, the manager, Cheng Mengyao, says that there has been a steady stream of customers wanting to use the machine for small transactions.
She also said the device is mainly attracting users that want to avoid any connections to the banking network and to public online exchanges.
The move follows an eventful chain of events that has been affecting the presence of Bitcoin in China since the last quarter of 2013. The value of the cryptocurrency plunged at the end of last year when the Chinese central bank banned all the Bitcoin-related trading. Despite the warnings, BTC China is still going strong.
The exchange’s CEO, Bobby Lee, told Reuters that “news reports said it [the exchange] would be shut down by April 15. It’s April 16 and nothing has happened”, he said, adding that the company’s transaction levels are “still healthy”.
The BlueCoin Phenomenon
BlueCoin is very serious about their chosen theme. Taking cue from the cultural antics of the Dogecoin community, the founders of BlueCoin have been trying to give it something of a personality. They announced an official BlueCoin afterparty to ...read more
Ripple Labs CTO Designs Smart Contracts
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set ...read more
American court stops Mt. Gox from auctioning Bitcoin domain
A United States court issued a temporary order to forbid the sale of the domain Bitcoins.com, which is still owned by the CEO of the defunct cryptocurrency exchange Mt. Gox. Mark Karpeles announced the auctioning of the domain two weeks ago. The injuction ...read more
New York-based Coinsetter evolves to “full US Bitcoin exchange”
Following the recent presentation of the first BitLicense draft, the Bitcoin-related set of rules that will regulate the crypto-economy in New York, the local exchange Coinsetter announced its evolution from beta stage to “full US Bitcoin exchange”. “Today, we’re pleased ...read more
Building a Bitcoin Economy: How to Close the Loop
This guide is a continuation of a previous article at http://bitcoinmagazine.com/13104/building-bitcoin-economy-stimulate-adoption/ If you or someone in the area has been preaching crypto for a while, you probably have a few nearby businesses accepting Bitcoin by now. This is an important first ...read more
#OffTheCouch: Award-winning Film Could Bring Bitcoin to 1,000 High Schools
The Corporation Film’s Crypto Challenge from Hello Cool World on Vimeo. For its 10th year anniversary, “The Corporation” is raising money for a re-release shown to 1,000 schools across North America. Their original fiat campaign closed at $30,000, and they’re ...read more