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By Catholic Online (NEWS CONSORTIUM)

6/4/2014 (10 months ago)

Catholic Online (www.catholic.org)

Digital currency can now be used for Apple apps

In a reversal of its' previous, long held stance, Apple will now accept purchases made using the popular online currency, Bitcoin.

The digital currency Bitcoin, which debuted in 2009, is now going to be accepted by Apple.

The digital currency Bitcoin, which debuted in 2009, is now going to be accepted by Apple.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/4/2014 (10 months ago)

Published in Technology

Keywords: Technology, Apple


LOS ANGELES, CA (Catholic Online) - The recent update in the App Store Review Guidelines allows apps to "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."

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Before this update, the tech giant rejected or removed any apps that used the digital currency.

Digital Manager at Mobiles.co.uk, Jay Karsandas said that "The action that Apple has taken in allowing apps to transmit approved virtual currencies seems like the next natural step in adapting to the ever-growing prominence of cyber-cash systems, such as Bitcoin."

"We are doubtful that Apple will open the door to Bitcoin mining or significant sums passing through apps," he added. "More likely this will be an opportunity for iOS devices to act as Bitcoin wallets for use in online purchases, similar to what they Google Play store already offers."

Bitcoin, and other virtual currencies, are built around shared software, which users use to carry out transactions directly with one another, eliminating the need for a bank or other intermediary.

Bitcoin's value has fluctuated dramatically since its inception. The value of a single coin surpassed $1,000 at the end of last year before it plummeted to $350 in April. Now the currency rests between $650 and $670.

The digital currency has received criticisms, especially for its use in illegal deals. Drug dealers and drug users where prevalent users of Bitcoin, and China has also made recent crackdowns.

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