So far there have been the Bitcoin ATMs in China that cannot be considered true ATMs for various reasons as these were working more like Bitcoin vending machines as here customers could do only one-way transactions. However, now people in the country, in the city of Beijing, can use two-way Bitcoin ATM for better experience.
According to the local reports, the two-way Bitcoin made its debut during a Bitcoin party at a Satoshi Square event at the 798 Art Zone – the city’s artistic district. The reports also claim that it is not just the first two-way Bitcoin ATM in China but also only few such ATMs are operating anywhere in the world.
Coming from the Las Vegas-based Robocoin team, the 800-pound Bitcoin ATM according to the company sources allows people to purchase Bitcoin using the Chinese Yuan, and also exchange Bitcoin for Yuan. Thus, customers can now have Yuan and Bitcoin as and when they want using the features at the two-way BTC ATM.
Daily Buy and Sell Limits
Chinese media shows that the two-way Bitcoin ATM employs a number of biometric features that are used to enforce daily buy or sell limits. This measure according to the people involved in the installation is aimed to keep track of potential money laundering activities which have been a major concern for the authorities.
There are several complains that say that the features create a cumbersome experience and invade one’s privacy; however, there is no other way out to ensure transparency in terms of the laws and their application to rule out money laundering using the digital currency. The launch also saw several speeches and music from the ZhangZhang Bitcoin band.
The installation of the first ever two-way Bitcoin ATM is expected to enhance user-experience of thousands of users in Beijing. Coming from Robocoin which has operators of their Bitcoin ATMs in a number of locations around the world and expanding quite fast, the BTC ATM is expected to further reach to other locations in the country.
Earlier, Robocoin announced the first Bitcoin ATM in Las Vegas which was installed at The D Hotel and Casino, the first casino property in the world to accept Bitcoin. The company has gained momentum in very short span of time as it debuted the last year and in the first year itself it installed a BTC ATM at a downtown Vancouver coffee shop.
To contact the reporter of this story: Deepak Tiwari at email@example.com