Bitcoin ATM Allowed in China, Denied in Switzerland (June 9, 2014)
Bitcoin recently took one step forward and one step back as one provider launched its first Bitcoin ATM in China, while another Bitcoin operator has been denied doing the same more than 4,700 miles away in Switzerland, according to reports.
The Swiss Financial Market Supervisory Authority last week halted plans by Bitcoin Suisse AG from launching in Zurich, and the Switzerland-based Bitcoin ATM provider is seeking legal clarification. “We are currently working with regulatory authorities to get clarification and permission to launch our Zurich-based ATM,” the company posted on its Facebook page.
Las Vegas-based online Bitcoin banking provider and ATM manufacturer Robocoin late last month debuted its first machine in Beijing’s art district, at 798 Satoshi Plaza, which is a Bitcoin meeting space and incubator. “Our Chinese partners have gone through great lengths to provide Bitcoin enthusiasts and newcomers the easiest and fastest access to Bitcoin in the most compliant way,” Robocoin CEO Jordan Kelly said in an announcement.
Regarding Bitcoin regulation in the country, Robocoin-Beijing Operator Danny Deng added, “Mainland China’s regulation in this area is still unclear, so the service will be used for exhibition and education purposes, and only for 798 Satoshi Square’s registered members. When the environment is suitable in the future we will open it to public.”
Approximately six months ago, Robocoin installed what it was calling the world’s first Bitcoin ATM in Waves Coffee House in Vancouver, British Columbia. A month after its installation, the machine exceeded CAD$1 million (US$916,000) in volume from 1,576 transactions, according to the company.
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