Apple to soon introduce virtual currency in app store

Published By : 04 Jun 2014 | Published By : QYRESEARCH

Apple will soon start accepting virtual currencies like Bitcoin in its App Store.

Earlier, many apps that used virtual cash were available in Apple\'s app store. However, in late 2013 and early 2014 Apple removed many such apps. On the contrary, Google has followed a more open policy and has allowed many Android apps which support virtual cash.

Some apps were allowed by Apple in the app store on the condition that they removed their virtual currency code from the program. Coinbase, Blockchain, and Gliph were some of the apps that were affected by this action.

Rob Banagale, a developer who works with Gliph stated that he was working on a new version of his app and will soon submit it to Apple for approval.

Currently, Apple has changed its policy to allow apps which use virtual currency. Approved apps must comply with state and federal laws in locations where they are designed to work.

Sudden surge in popularity and use of virtual currencies, especially Bitcoin has led Apple to make such a policy. Though, Apple hasn’t declared which virtual currencies will be accepted in its app store, experts claim that this means Bitcoin could soon be available in Apple’s app store.

Bitcoin is cyber-cash which resembles the precious-metal coin based money system, which evolved from the barter economy. Similar to paper cash it is susceptible to theft, fraud, or other kind of misappropriation.

An emailed statement by Bill Lee, a BitGo investor said that this was a sign that the ecosystem was surely gaining credibility. He also said that even though Bitcoin is a developing technology, it is well accepted and its popularity will grow further.
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