Apple clarifies stance on Bitcoin transaction apps

Sections: iDevice Apps, iPhone/iPod touch/iPad

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Apple clarifies stance on Bitcoin transaction appsApple has taken a very strong stance against Bitcoin transaction applications on the App Store since 2013, but the company is now updating its policy to allow for Bitcoin apps if they comply with state and federal laws. Popular apps like Coinbase and Blockchain had been taken down from the App Store with little to no explanation of official policy against that type of software.

The updated App Store Review Guidelines specifically allow for virtual currency apps like Coinbase, which could allow those services to return to iOS.

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. – Apple

From a business and legal point of view, it does make sense for Apple to regulate the type of Bitcoin apps that can be made available on its App Store. In the United States, the legal nature of Bitcoin had been very difficult to understand. The U.S. has partially made its view of Bitcoin clear—the IRS says it is to be treated as property—but the government has not made Bitcoin “legal” or “illegal.”

Until the U.S. or another country specifically says Bitcoin is completely legal, Apple’s new App Store policy will not affect the way that apps are treated.

Via [TechCrunch]

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