Shanghai, China-based bitcoin exchange BTC China released a new web app called the Picasso ATM to help Bitcoin users exchange the virtual currency even without a physical ATM.
BTC China
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BTC China, the biggest bitcoin exchange in the world, has begun allowing users to buy the digital currency using Chinese yuan again, just a month after it halted renmibi deposits because of a bank warning.
As China's central bank makes regulations regarding digital currencies stricter, Alibaba Group Holding will be banning the sale of Bitcoin and other related products, Bloomberg reported.
As the hype about the Bitcoin dies, a PCWorld report asks if the well for venture funding for the digital currency has come to an end.
The Bitcoin's price instability is a reflection of the digital currency's vulnerability to the decisions of government officials, The New York Times The Dealbook reported.
A report said the price gap of Bitcoins sold on BTC China and the virtual currency on foreign exchanges had tempted some traders to take advantage by conducting arbitrage.
After the government announced a ban on the use of Bitcoin for financial institutions, China's biggest search engine Baidu Inc announced that it would no longer be accepting the digital currency as payment.
The price briefly topped the equivalent of $1,000 on Chinese exchange BTC China back on 19th November, but this is the first time this level has been reached in a US dollar denominated exchange rate.
Bitcoing exchange BTC China received USD5 million in Series A investment from Lightspeed China Partners and Lightspeed Venture Partners to fund its general operations, but indicated plans to expand its business.
