First Mainland China Bitcoin ATM Installed in Shanghai

It’s not easy to buy and sell Bitcoins in China, as the central bank has declared that the Bitcoin is not a real currency and thus cannot be handled by banks. Since then the Bitcoin exchanges in the country have tried different solutions to be able to keep their business going and now we see the first Bitcoin ATM installed in mainland China.

The ATM has been installed by BTC China in a cafe inside a mall in Shanghai and allows people to buy Bitcoins for their Yuan. It is not possible to do cash withdrawals of your Bitcoins, but it has made it possible and easier for those who wants Bitcoins for whatever reason to get a hold of them without having to encounter problems with their bank.

While both OKCoin and BTC China have had worries about being shut down by the Chinese government, nothing has happened so far and thus they’ll continue with their business. It is not illegal for individuals to buy or sell Bitcoins in China, but it seems that there will be coming some sort of law to out rule the usage of Bitcoins overall.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

Recent Posts

Professional investors skeptical about Bitcoin, a recent Bank of America survey says

Bank of America recently asked 200 professional investors with $533 billion in assets under management for their opinions on Bitcoin.…

1 day ago

AXA Switzerland now offers Bitcoin as a payment method

Insurance provider AXA Switzerland announced that its Switzerland customers will now be able to pay their bills in Bitcoin (BTC).…

1 day ago

DOGE “to the moon” as Robinhood faces more scrutiny

After yet another phenomenal rally surging 114% in the last 24 hours, Dogecoin (DOGE) hit an all-time high of $0.29.…

1 day ago

“Bitcoin’s peak volatility is right on track to drop below fiat volatility”

There will come a time that Bitcoin will be less volatile than fiat money as money is being redefined. And…

2 days ago

GoldMan Sachs watching Bitcoin’s every move

Goldman Sachs is keeping a close eye on Bitcoin. In an earnings call on Tuesday, the bank’s Chief Executive Officer,…

3 days ago

Coinbase’s COIN is Live on Nasdaq, while Bitcoin and Ethereum jumped to new all-time highs

After months of intense build-up towards their big day, Coinbase finally listed on the Nasdaq with ticker COIN. And the…

3 days ago