OKCoin Announces Official Launch Of Recharge Codes And “First Bitcoin ATM In China”

April 14, 2014 17:08 UTC

Today, in an announcement to their site, OKCoin has implemented the immediate suspension of recharge activities via their Chinese Merchant’s Bank account.  Instead, OKCoin has moved onto a recharge code system with 0 fees, the same as BTC China.  These recharge codes can vary in value from 100 yuan to 100,000,000 Yuan.  OKCoin recharge codes are split into two portions: sections A and B.  There is an intentional parallel to Bitcoin private and public keys in this new fiat recharge/withdrawal method.  The first portion of the code, section A, can be used by anybody to query the amount of fiat currently held on the recharge code.  The second portion, section B, is what is traded between users, or between users and OKCoin.  Despite the centralized position of control that OKCoin is in, OKCoin emphasizes that OKCoin cannot mediate disputes that arise form the misuse of these codes.  As such, they recommend that Chinese users only buy recharge codes from certified dealers, which are listed on OKCoin’s website.  In addition to the recharge codes, OKCoin reports that their China Construction Bank account is still functioning for recharges and withdrawals.  This increasingly points to varied levels of compliance to the PBOC’s notice from various banks across China.

OKCoin Announces “First Bitcoin ATM In China”

Chinese Bitcoin news sources have also reported that OKCoin invited users to the Global Bitcoin Summit 2014 that will be held in Beijing from 5/10/14 – 5/15/14.  OKCoin will be showcasing their proprietary Bitcoin ATM at their booth, so make sure to visit.  As many onlookers have mentioned, this Bitcoin ATM is more like a Bitcoin vending machine.  As far as anyone can tell so far, the machine will only be uni-directional, and may in fact be a Lamassu machine.  In this way, OKCoin will have a method for users to buy Bitcoin that won’t require any bank at all.  These Bitcoin vending machines will start showing up in China; the ones sponsored by the largest Bitcoin exchanges in China will, of course, receive the most initial publicity.  As an example, there is already a Lamassu Bitcoin Vending Machine fully operating in Hong Kong.

BTC China As Well

Chinese Bitcoiners were quick to note that prior to this date, BTC China, had already promised the delivery of a BTC China ATM.  In fact, today, BTC China took to their microblogging site to release a few teasers.  Tomorrow, 4/15/14, the dreaded deadline of a supposed stringent notice from the PBOC, BTC China will be having a press conference at IC Coffee Cafe.  It is anticipated that they will be releasing a Bitcoin ATM.  IC Coffee is located at 635 Bibo Road, in the Pudong new Area of Shanghai.  BTC China has encouraged small businesses to attend, and even used the lovely colloquial phrase: “Be there or be square.”

Last modified: April 24, 2014 16:08 UTC


Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.