Published: Tue, June 12, 2018
Electronics | By Kelly Massey

Apple bans cryptocurrency mining from its app stores

Apple bans cryptocurrency mining from its app stores

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. For instance, apps facilitating any exchange or transfer of cryptocurrencies like bitcoin were mandated to abide in compliance with all federal and relevant state laws of its offering.

That's actually what happened in the case of an app called Calendar 2, according to Apple Insider. Other cryptocurrency-related functions, like managing or trading cryptocoin funds, are still permitted. The former says that apps "may not run unrelated background processes, such as cryptocurrency mining".

Apple has now made a decision to take stern steps to prevent such scenarios from happening again, mainly because mining operations tend to drag down the OS, making the entire device slower, and diminishing the well-crafted macOS and iOS experiences.

In perhaps somewhat related news, Bitcoin (and most other cryptocurrencies) have fallen almost 8% in value over the last day, following the hack of South Korean crypto exchange Coinrail over the weekend.

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Addressing the rising frauds with the unregulated initial coin offering-based (ICO) fundraising technique, Apple is now only allowing apps from established banks, securities firms, futures commission merchants ("FCM"), or other approved financial institutions.

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.

Apple has previously blocked apps for supporting cryptocurrencies it disapproves of.

It's a new rule included in the latest version of Apple's App Store policies, released last week as part of the company's annual developer conference. The guidelines noted: "Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc".

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