USERS FROM CHINA WILL BE ABLE TO BUY BITCOINS USING CHINA UNIONPAY CARD
Indacoin, the London-based exchange platform, announced that users from China will be able to buy Bitcoins and Litecoins with China UnionPay banking card.
There is a minimum limit of 10$ and a maximum limit of 2000$ per transaction, but this is a huge step for China’s users who were unable to buy and withdraw bitcoins in China using the UnionPay credit card.
Indacoin offers the service for buying bitcoins instantly all over the world, most important in China, a country where bitcoin is really popular among internet users but not so popular among the Chinese officials.
An important feature is that you can make all of this without any registration whatsoever and they also have a trading platform with a margin trading and professional API, all of this with zero fees for execution.
Clients using Indacoin exchange are currently earning 15% per year if they keep the funds within the platform and the interest is calculated on the free USD balance with payments made on a daily basis.
WHAT IS INDACOIN?
If you’re new to bitcoin exchange and bitcoin news in general, learn that Indacoin is a trading platform(Bitcoin Exchange) established in London(UK) for buying and selling different cryptocurencies, but mainly bitcoin. Indacoin doesn’t buy nor sell bitcoins, but they serve as a transaction guarantor for the transacting parties, information which can be easily found on Indacoin website.
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INDACOIN AND THE CHINESE MARKET
After the Chinese market was more or less closed to Visa and Mastercard, two of the biggest players on the market, the only real option for Chinese citizens remained UnionPay, a bankcard association established under the approval of the State Council and the People’s Bank of China, a state-controlled bank wich has had a monopoly over the past years, in the credit and debit card market, and still has.
Chinese banks do issue Visa, MasterCard and American Express credit cards, but there are a few Chinese merchants accepting them. Instead, Chinese cardholders use Visa and Mastercard mainly for traveling abroad.
UnionPay dominates the card market in China thanks to a central bank decree that requires all card issuers, including foreign ones, to process their yuan-based transactions through UnionPay’s electronic payment network.
Although, approximately 70% percent of bitcoin trades involved the Chinese yen, buying, moving or withdrawing bitcoins using a credit card or any other method that included the bank system, was not a possibility for Chinese users, as bitcoin is not seen as a currency in China, rather a commodity.
China is a country where it is not illegal to buy or sell bitcoins but until now, it was not possible to buy or withdraw bitcoins using a credit card.
Now, as Indacoin CEO Stanislav Kosorukov stated,
Indacoin is trying to expand the operations to a new and big market, maybe one of the biggest markets on the planet.
This decision actually makes a lot of sense if we consider that In 2014, UnionPay was the most popular payment method by card type at a global scale, based on purchase volume, according to the Nilson Report.