Apple’s App Store officially bans cryptocurrency mining

Donna Miller
June 12, 2018

After Google, Facebook, and Twitter, now it's time for Apple to join its Silicon Valley counterparts in restricting the crypto industry. The latter has five subsections that further describe what apps can and cannot do in terms of cryptocurrency. "Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization", the policy states. News about Apple's changes to the App Store aren't likely to play particularly well. This makes sense as in last December, Apple accidentally listed a fake version of the widely-used MyEtherWallet app in the App Store. "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining", the new guideline reads.

The iPhone isn't a great cryptocurrency miner, especially compared to special mining machines, but that doesn't mean that a surreptitious app couldn't mine tokens like Monero in the background. Apple allows apps like Coinbase and Robinhood to enable users to trade Bitcoin, Ethereum, and other cryptocurrencies, so it's not a complete ban on mobile crypto. The app even made it to number 3 in the finance category of the App Store before Apple pulled it down. Exchanges are fine, too, as long as they are the ones offering transactions or transmissions of currency.

Well, a key part of the new guidelines discusses cryptocurrencies and how cryptocurrencies and blockchain technologies can be integrated into new app development for the Apple App Store. According to the rulebook, only official apps developed by the exchange itself can provide such services.

Apple's 2018 models likely to be cheaper than iPhone X
Schematics have also leaked for the 6.1-inch "budget" iPhone model that has been dubbed the iPhone 9 . This will use the multiple camera sensors that can be seen in the notch on the leaked schematics.

In sticking with the original mandate, only mainstream banks and similar financial institutions will be allowed to develop and publish apps enabling crypto futures trading and initial coin offerings, Apple said.

If you haven't worked it out yet, this news is very good news and will see some brand-new cryptocurrency-based applications go live on the App Store.

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