China gets first bitcoin ATM

SHANGHAI (Reuters) BTC canada goose uk black friday China, one of the canada goose uk outlet country leading digital currency exchanges, has installed China first bitcoin canada goose clearance ATM and launched an online app allowing individuals to buy and Canada Goose Parka sell bitcoins using mobile phones, skirting local banking canadagoosejacketsalesca regulations seen as increasingly hostile to so called Canada Goose Online crypto currencies.

Mock uk canada goose outlet Bitcoins are displayed on a table in an illustration picture taken in Berlin January 7, 2014. REUTERS/Pawel Kopczynski

Rising interest from mainland Chinese speculators was credited for driving up global bitcoin prices last year to above cheap Canada Goose $1,000 on some exchanges. But a subsequent crackdown by the People canada goose Bank of China (PBOC) has seen the digital currency Canada Goose Coats On Sale sag, changing hands below $530 on Wednesday, according to exchange tracker CoinDesk.

That, cheap canada goose uk in combination with scandals involving hacking, theft, and fraud, canadian goose jacket have put pressure on digital currency markets around the world. Tokyo based bitcoin exchange Mt. Gox has given up plans to rebuild under bankruptcy protection and asked a canada goose clearance sale local court to allow it to be Canada Goose Outlet liquidated, The Wall Street Journal reported.

Unlike conventional money, bitcoin and other crypto currencies are generated by computers and are not backed by any central bank or government, or by physical assets. They can be exchanged through nearly any file transfer mechanism for goods, services or buy canada goose jacket cash but the latter has proved a Canada Goose online problem.

Many regulatory agencies around the world are concerned that digital currencies can be easily used for money laundering or the illegal Canada Goose sale purchase of weapons and narcotics, and canada goose store have moved to control or prohibit their use in ordinary commerce.

In December, the PBOC banned financial institutions from trading in bitcoin, saying the government would act to prevent canada goose factory sale money laundering risks canada goose coats on sale from the digital currency. It did not ban trading by individuals. Last week, two bitcoin exchanges said their trading accounts at certain domestic banks would be closed down by the lenders.

BTC China chief executive Bobby Lee said by telephone that his exchange is still in operation and has yet to receive any notice from the bank that his accounts are being closed. reports said it canada goose coats would be shut down by April 15. It April 16 and nothing has happened, he said.

While trading volumes on his exchange are down 80 90 percent from their peak, transaction levels were still healthy, said Lee, on par with levels last September prior to bitcoin spike.

CAFE ATM The new ATM like services from canada goose black friday sale BTC China do not involve the banking system at all.

The physical ATM, located in a cafe at a mall in Shanghai 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 Canada Goose Jackets Mengyao said she had buy canada goose jacket cheap seen a steady stream of uk canada goose customers use the machine for small transactions since it was installed.

The web app essentially allows transactions on a direct peer to peer basis, as opposed to selling them on canada goose uk shop an open exchange. This also avoids using the banking network or a public online exchange, but means transactions are between individuals and liquidity is limited to how much cash they have.