“Apple Inc. changed its policy to let software developers include virtual-currency transactions in their applications, paving the way for new forms of money like bitcoin to appear on iPhones and iPads,” Olga Kharif reports for Bloomberg.
“While Apple didn’t mention bitcoin specifically, its developer terms now allow for certain ‘approved virtual currencies,’ without saying what those were. Apps that use the digital money must comply with state and federal laws wherever they’re designed to work, the terms say,” Kharif reports. “The change signals that Apple is warming up to virtual currencies after previously blocking programs like Blockchain.info from its App Store. Bitcoin is the most popular digital currencies, which governments are struggling to determine how to regulate because they exist only as software.”
“While bitcoin and other virtual currencies still aren’t used by many retailers and service providers, they are gaining acceptance. Last month, satellite TV provider Dish Network Corp. said it will soon begin accepting bitcoin payments from subscribers,” Kharif reports. “Getting access to iPhones could help increase bitcoin’s use, as Apple is the top U.S. smartphone manufacturer, with a 41 percent average share of the market in the three months ending in March, according to ComScore Inc.”
Read more in the full article here.
Apple will reverse their decision when people sue them for lost of money as the deep pocket party involved in the transaction.
It is also possible that Apple will handle the risk by quickly converting virtual currencies into real currencies at the conclusion of each transaction, thus limiting Apple’s time/quantity exposure to virtual currencies. Apple could then complete the transaction with any third parties using real currency, which would eliminate the concern that you raise.
This is nothing but a good thing. If people want to use bitcoins and other crypto-currencies with the iPhones, that is their choice.
Having a government try to control our activities is bad enough. We don’t need Apple to plan nanny also.
Think iBeacon.