BitcoinATM

Bitcoin ATMs sprung up on the streets of several big cities worldwide, like New York, Toronto, Zurich, etc. Chinese bitcoin trading platform BTC China recently took the wraps off mobile Bitcoin ATM Picasso in Shanghai, making the metropolis the second Chinese city to get a Bitcoin ATM. As we reported earlier, HKCEx has launched Bitcoin ATMs in Hong Kong earlier this year. But BTC China is taking bitcoin ATMs mobile.

BTC China users can purchase bitcoins on Picasso ATM by scanning QR codes displayed in their Picasso Wallets: put RMBs in and the machine will transfer users the equivalent amount of bitcoin to their Picaso Wallets. The ATM will also show the real-time exchange rates between bitcoin and RMB. However, the machine now only supports bitcoin purchase, not bitcoin redemption.

To guarantee the financial security of users, each deal has to be confirmed by both the sellers and buyers. Picasso ATM supports all the major currencies and offers service in several languages.

The sprawling development of Chinese bitcoin market slowed down since the end of last year due to cautions against risk of crypto currencies from Chinese authorities. But Zhou Xiaochuan, governor of the People’s Bank Of China, recently said that the government will not ban the trading of bitcoins.