China's First Bitcoin ATM Launched Amid Controversy
On April 15, Bitcoin China trading platform unveiled mainland China's first Bitcoin ATM in Pudong's Zhangjiang district. This compact machine facilitates BTC-to-fiat transactions: users insert ¥50 or ¥100 notes to increase their Bitcoin wallet balance.
How the Bitcoin ATM Works
Key features of the installation at IC Café near Zhangjiang Metro Station:
- Compact design with touchscreen interface
- Requires users to have a Bitcoin wallet with QR code
- Supports ¥50/¥100 banknotes for BTC purchases
- 1-hour settlement time for transactions
- 1% transaction fee applied
Operational Notes:
- Users scan wallet QR code via smartphone
- Insert cash into the bill acceptor
- System converts currency at real-time exchange rates
- BTC credited to wallet after processing delay
Transaction Details and Limitations
Current exchange rate (as of April 15):
- 1 BTC ≈ ¥2,918 (volatile market pricing)
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Key Differences from International Models:
- Unidirectional functionality (cash-to-BTC only)
- No BTC-to-cash redemption
- No physical Bitcoin withdrawal
Mobile Trading Alternatives
Bitcoin China simultaneously launched "Coin Lock ATM" mobile app allowing:
- Smartphone-based BTC transactions
- Real-time portfolio management
- Secure digital wallet features
Regulatory Landscape in China
Central Bank Governor Zhou Xiaochuan stated at the Boao Forum:
"Bitcoin isn't currency issued or approved by central banks, so the question of banning doesn't arise."
Executive Perspectives
Ling Kang, Bitcoin China VP, clarified:
- Bitcoin qualifies as legal virtual asset
- Platform operations remain unaffected
- No imminent regulatory crackdown expected
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Frequently Asked Questions
Q: Is Bitcoin legal in China?
A: Yes as virtual property, but not recognized as legal tender.
Q: How long do ATM transactions take?
A: Approximately 60 minutes due to network processing.
Q: What's the minimum purchase amount?
A: No minimum - even ¥50 transactions are accepted.
Q: Can I withdraw cash from the ATM?
A: No, this model only supports cash-to-BTC conversions.
Q: Are there mobile alternatives?
A: Yes, the Coin Lock ATM app enables smartphone transactions.
Q: Why did payment processors stop servicing BTC platforms?
A: Risk management decisions by third parties, not government mandate.