Apple Opens Up To Virtual Currency Apps

There are a couple of popular virtual currencies that are traded online without the backing of a government or a central bank. Regulators often warn investors about the risks associated with trading in virtual currency but its unlikely that the momentum is going to die down any time soon. Many companies are now warming up to virtual currencies and accepting payments through these alternate methods. Apple is next to join that list. Its updated App Store guidelines reveal that the company is opening up to virtual currency applications.

It may not have talked about this during its WWDC 2014 keynote yesterday but following the announcement it updated the App Store review guidelines which clearly state the following:

“Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions,”

The company is yet to provide details about the approved virtual currencies so we’ll probably have to wait for that information. They’re traded on a peer-to-peer network where there’s no central control. Many U.S. state regulators are now looking to clamp down on usage of virtual currencies, and as previously mentioned, have been warning them against the risks involved in trading.

Companies like Zynga and Overstock already accept payments in Bitcoin, a popular virtual currency and just last week Dish Network came on board as well. Apple’s decision to open up to virtual currency apps will bring a new form of money to millions of its iOS devices.

Adnan Farooqui
Categories: Apple
Tags: Apps, bitcoin, iOS