Apple Bans Cryptocurrency Mining on iPhone, iPad and Macbook
Apple is cracking down on cryptocurrency activity on its devices. During Apple’slast week, the company released new App Store guidelines that ban cryptocurrency mining on both iOS devices and Mac.
This is the first time Apple has offered a clear stance on its policy on cryptocurrency apps. It comes amid explosive interest in cryptocurrencies like bitcoin, which are “mined” when people use multiple devices to solve complex mathematical problems that lock and unlock information. They’re rewarded as each transaction is secured.
Apple said under the hardware compatibility section of its App Store policy.
“Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining,”
It sets forth five rules:
- Apple will allow virtual currency wallet apps, as long as they’re offered by developers who are enrolled as organizations.
- The only cryptocurrency mining apps allowed are those that mine outside of the device, like cloud-based mining.
- Apps can help users make pay, trade, or receive cryptocurrency on an approved exchange, but the apps must be from the exchanges themselves.
- Similarly, apps involved in initial coin offerings, bitcoin futures trading, or other cryptocurrency securities trading need to be from the banks, firms, or other approved financial institutions. And they must be lawful.
- Cryptocurrency apps can’t offer users virtual coin for tasks like downloading other apps, getting other users to download the app, or boosting social media activity.
Some of this will actually be good news for crypto investors. Exchanges can offer fully-featured apps offering trading abilities, as long as the apps are issued by the exchanges themselves and not third parties.
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