[2014-04-16] Reuters: China gets first bitcoin ATM, skirting bank crackdown

[BitChick]

http://www.reuters.com/article/2014/04/16/us-china-bitcoin-idUSBREA3F0MK20140416

It is already up and running!

From the bottom of the article:

The physical ATM, located in a cafe at a mall in Shanghai's 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 Mengyao said she had seen a steady stream of customers use the machine for small transactions since it was installed.

[bryant.coleman]

As far as I understand, it is perfectly OK to buy or sell Bitcoins in China for hard cash. But buying or selling them directly using your bank accounts is prohibited. This might not be a problem for small scale traders, but the exchanges will be forced to move their offices to somewhere else.

[ujka]

It's not prohibited, just some banks don't want to do bussiness with bitcoin/crypto exchanges.

translation of news.

some banks in china wont deal with bitcoin.

also for the last 4 years
some banks in america wont deal with bitcoin.

some banks in canada wont deal with bitcoin.

some banks in mexico wont deal with bitcoin.

some banks in UK wont deal with bitcoin.

some banks in ireland wont deal with bitcoin.

some banks in france wont deal with bitcoin.

some banks in russia wont deal with bitcoin.

some banks in spain wont deal with bitcoin.

some banks in germany wont deal with bitcoin.

some banks in holland wont deal with bitcoin.

some banks in cyprus wont deal with bitcoin.

some banks in australia wont deal with bitcoin.

are you getting the picture? its not new news, its standard for banks that dont understand new technology to fear it. all that exchanges do is find a better bank.

china is not new, bitinstant had to change banks, bitstamp, btc-e, coinbase, etc etc etc.. its nothing to worry about, its just early ignorance that takes time to overcome. slowly more banks are allowing businesses to set up accounts. so dont worry, its not a big of a deal,