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Home / Business / Apple Card with Goldman support restricts the purchase of cryptocurrency

Apple Card with Goldman support restricts the purchase of cryptocurrency



Cryptocurrencies can not be purchased with the new Apple credit card in accordance with the recently published guidelines of the US multinational technology company for customer agreements. The limitations of the Apple card indicate that the company's partner, Goldman Sachs, is suspicious of cryptocurrencies and other "cash equivalents" such as lottery tickets and casino chips. 19659003] No Crypto Purchases with Goldman Sachs-Supported Apple Card

Apple technology giant Apple (AAPL) recently announced the introduction of a credit card that can be used to issue loans at an annual percentage (APR) between 1

3 and 24%. , The California-based company announced that the card will be released later this month. This is evident from the result of the third quarter of the financial year. Some of the key selling points for the new Apple Mastercard include: virtual usage, no annual fees, and no transaction and penalties fees. Another interesting aspect is that the card does not contain the traditional 16-digit Mastercard number or the CVV code. "Thousands of Apple employees use the Apple Card every day in a beta test, and we will begin introducing the Apple Card in August," Apple CEO Tim Cook announced on the July 30 win solicitation Terms of Service, ToS ) were published this week on the Goldman Sachs website.

  Goldman-Supported Apple Card Limits Cryptocurrency Purchases

Two of the key issues that customers who have read the customer agreement are the restrictions on jailbreaking an iPhone and restricting "cash equivalents" such as crypto currencies. This is first addressed in the first section of the User Agreement entitled "Key Definitions," which essentially defines the terms used in the agreement. "Cash advance and cash equivalents" means a cash advance and other cash-like transactions, including the purchase of cash equivalents such as traveler's checks, foreign currency or cryptocurrency. Money orders; Peer-to-peer transfers, transfers or similar cash-like transactions; Lottery tickets, casino gaming chips (physical or digital) or race-track bets or similar betting transactions, "explains the Apple Card.

  Goldman-based Apple card restricts the purchase of cryptocurrencies
The Apple card is available in both versions and physical form without a 16-digit number or CVV code.

The rejection of "cash equivalents" is not too different from most conventional credit ToS agreements, and the prohibition of things like lottery buying is the standard method for credit cards. Some skeptics believe that Apple does not want to monitor what you can buy, but that Goldman Sachs is probably to blame. Crypto purchases with credit cards have already been pushed back by banks and regulators after it became known that during the last bull run many people were buying Bitcoin and other digital assets with loyalty cards. At the end of 2017, it was announced that Capital One, Chase, Bank of America, Lloyds Banking Group, Discover, Virgin Money and TD Bank Canada had banned the purchase of digital currencies. According to Capital One, the bank sees in digital assets a high risk of fraud and high losses. "Capital One continues to closely monitor developments in the markets and cryptocurrency exchanges," the bank said in 2018. "And [Capital One] will regularly evaluate the decision as cryptocurrency markets evolve," the bank said.

  Goldman-Backed Apple Card Restriction on the Purchase of Cryptocurrencies
Aside from restricting the purchase of cryptocurrencies and cash equivalents, Apple card users can not change their iPhones, or "jailbreaking" had a long history with certain cryptocurrency restrictions. For example, in February 2014, Apple removed all Bitcoin wallets from the App Store, including wallets, coinbases and coinjars from Blockchain.com. Following the wallet ban, Blockchain.com wrote a blog post rejecting Apple's decision to remove the wallet application. "These actions by Apple show once again that the App Store policies are anticompetitive and moody and clearly aimed at maintaining the Apple payment monopoly, rather than paying attention to users' needs and desires," criticizes Blockchain.com review. "[Blockchain wallet] had no customer complaints and a broad user base. The only thing that has changed is that Bitcoin has become competitive for Apple's own payment system. By removing the blockchain app, the only Bitcoin wallet application on the App Store, Apple has eliminated competition by massively playing out its monopolistic position in the marketplace.

  Goldman-based Apple Card Limits Crypto Currency Purchase
Apple Bitcoin-related apps were suspended on the App Store in 2014, but later released. Finally, in February 2018, Apple defined its app rules for digital currency platforms that restrict ICO and mining apps. Did you know that Bitcoin.com Wallet is one of the most popular wallet apps on the App Store? Download here . Android users can download our BCH and BTC wallet here .

A few months later, after the Bitcoin community got excited and some enthusiasts even filmed Youtube videos of themselves, Apple quietly blew up the iPhone in protest of Crypto Wallet apps's return to the App Store. However, in September 2016, Apple began banning certain types of digital currency purses that support coins such as Dash and Ethereum. The creator of the Jaxx multi-crypto wallet and CEO Anthony Di Iorio received word from Apple that his startup needed to remove support for Dash. Apple later had another change of mind, allowing wallet developers to add a variety of digital assets. Finally, on June 8, 2018, Apple defined the rules for cryptocurrency for the App Store, giving users more clarity about what type of crypto apps are allowed.

"Wallet apps can make it easier to store virtual currencies, provided they're offered by registered developers as an organization," said Apple's revised App Store rules. "Exchange apps can facilitate transactions or transfers of cryptocurrency to an authorized exchange, provided they are offered by the exchange itself." forbidden. Each ICO application must be created by: "Banks, investment firms, futures commission merchants (" FCMs ") or other accredited financial institutions."

Apple may decline transactions for any reason and jailbroken a smartphone may cause disruption

Regarding the Apple card, the card may be blocked indefinitely if the company or the partner bank (Goldman Sachs) finds that one Person has tried to buy digital currencies. Apple may decline transactions for "any reason," and the company will tell digital currency distributors why the transaction was rejected at the time of the rejection. In addition to the crypto-currency purchase restrictions, the Apple User Agreement states that Apple will disconnect the credit card from the device if a user chooses to change their mobile device, register as root, or jailbreak, as this violates the Customer Agreement. [19659017] What do you think of Apple and Goldman Sachs restricting the purchase of cryptocurrencies on the new Apple card? Tell us what you think about this topic in the comments section below.


Photo credits: Shutterstock, Pixabay, Apple Card, Apple Inc., Goldman Sachs and Apple ToS.


You can now buy Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller. If you need a Bitcoin Wallet for safekeeping, you can download it here . ,

Tags in this story
aapl, App Store, Apple, Apple Card, Apple Inc., Apps, Bank of America, Banning Blockchain Wallet, Bitcoin, Bitcoin Cash, Capital One, Cash Advance, Cash Equivalents, Casino Chips, Chase, Cryptocurrency, Hyphen Developers, Digital Currencies, Ethereum, Goldman Sachs, Jailbreak, Jaxx Wallet, Lloyds Banking Group, Lottery Tickets, Physical Card, Restriction of Certain Cryptos, TD Bank Canada, Virgin Money, Virtual Card, Wallet Prohibition

Jamie Redman

Jamie Redman is a financial journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He loves bitcoin, open source code and distributed applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.


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