The Chinese may not like bitcoin. And they may not want their banks doing any kind of business with anything bitcoin-related. But they aren’t going to be so vulgar as to ban it. In fact, they’ll even let their citizens waste their hard-earned yuan on it.
BTC China, one of the country’s leading digital currency exchanges, has installed China’s first bitcoin ATM and launched an online app allowing individuals to buy and sell bitcoins using mobile phones, skirting local banking regulations seen as increasingly hostile to so-called crypto-currencies….
The physical ATM, located in a cafe at a mall in Shanghai’s Zhangjiang technology park area, allows people to buy bitcoin directly from the exchange for yuan inserted into the machine. Users cannot withdraw cash.
The machine was lightly used during a visit by Reuters, with just one client appearing to use it, but cafe manager Cheng Mengyao said she had seen a steady stream of customers use the machine for small transactions since it was installed.