Hong Kong's ANX issues world's first Bitcoin debit card  

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(ECNS) – The Bitcoin might be losing its shine as an investment, but it's gaining momentum as a medium of payment.

Hong Kong-based exchange ANX launched the first-ever Bitcoin debit card earlier this month, allowing customers to use Bitcoins within the traditional bank card payment system.

Users can deposit their Bitcoins and make purchases via conventional bank card payment systems, either online or for point-of-sale purchases. Users can also withdraw cash from ATMs in over 200 countries.

ANX co-founder and CEO Ken Lo said the card is an innovation that combines virtual currency with traditional finance. People can easily transfer their Bitcoins to their cards anytime, and benefit from the same freedom and flexibility of a traditional credit card.

However, the system faces a potential risk of money laundering.

Lo said ANX has taken measures to prevent this. In cases of huge transactions, customers would be required to provide income statements or explain the source of the money.

Lo said most Bitcoin owners are not eager to sell the coins. ANX oversees total transactions of about 1,300 Bitcoins worth $810,000 per day – an amount too small for money laundering, he said.