BTC China launches bitcoin ATM Web app

BTC China, one of the world's leading bitcoin trading exchanges, on Tuesday released a Web app, Picasso ATM, which allows users to exchange the digital currency for cash.

Users can load the currency into a Picasso wallet and then sell it in major currencies through the Web app, said BTC China CEO Bobby Lee.

Picasso ATM requires confirmation from both the buyer and seller for a bitcoin ATM transaction to be completed, according to Lee.

The innovation comes as an increasing number of banks have stopped providing services for bitcoin trading in China.

Bitcoin, stored in a virtual wallet, can pass from person to person around the world, allowing users to remain anonymous and bypassing both banks and banking regulators worldwide. Controversy has surrounded the currency since it was created in 2009.

Chinese regulators warned of the risks relating to the digital currency in December. In a statement, five government departments, including the central bank, said bitcoin was not issued by any monetary authorities and does not have a currency function of being legal tender with a government decree.