Chinese banks may be cutting ties to Bitcoin suppliers, but that isn't stopping a local Bitcoin exchange from making physical cash a way to buy the cryptocurrency.
On Tuesday, BTC China, one of the nation's largest exchanges, took a step to establish its own Bitcoin sellers network with the launch of a new web app, called "Picaso ATM".
By using the app, the exchange's own clients can sell their bitcoins to customers.
BTC China is advocating sellers set their own profit margins and get cash in return. To complete transactions on the app, the sellers must meet face-to-face and input confirmation codes through their smartphones. The bitcoins are then transferred over to the customer's account on BTC China's exchange.
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