Apple Publishes Revised Cryptocurrency, ICO Guidelines for App Store

Apple just banned cryptocurrency mining on its devices

Apple just banned cryptocurrency mining on its devices

According to Apple, "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining".

Moreover, Apple is also barring apps from crypto mining activity done within the device.

Because the App Store is the only way for most people to install software on their iPhones, Apple's new rule also suggests that there may not be any purpose-built apps to mine cryptocurrency either - not that any of these apps would really make any money for users. Bitcoin is now sitting at around $6,750, while the global crypto market lost an estimated $42 billion in value as a result of the hack.

During Apple's Worldwide Developers Conference last week, the company released new App Store guidelines that ban cryptocurrency mining on both iOS devices and Mac. Crypto wallets are also now officially legal, settling a gray area that has existed for months. 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.

How are Manchester United-bound Fred's World Cup chances looking?
Fred suffered a training ground injury on Thursday that Brazil team doctor Rodrigo Lasmar described as "trauma in his ankle". Latest Red Devils player Fred has sustained an injury which will rule him out of Brazil's friendly against Austria. .

In sticking with the original mandate, only mainstream banks and similar financial institutions will be allowed to develop and publish apps enabling crypto futures trading and initial coin offerings, Apple said. The app even made it to number 3 in the finance category of the App Store before Apple pulled it down.

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. As AppleInsider notes, the Review Guidelines were previously less concerned with cryptocurrencies, allowing an app to facilitate crypto and ICO transactions if it complied with the laws in the app's distributed territories.

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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