Apple has recently announced that its forthcoming Apple credit card will not support functions like buying bitcoins and other cryptocurrencies. Some media houses are connecting this to Apple’s last release of “CryptoKit” in iPhone that was appeared to be a crypto supporting release.
No plans to integrate Cryptocurrencies
The news comes after Apple revealed plans of issuing a credit card which will allow its customers to perform activities like making in-store purchases on iPhone and online purchases on Apple Watch, iPhone, iPad, and Mac and non-Apple-Pay purchases. The customer agreement of the Apple Card states that the card cannot be used for “purchases of cash equivalents such as travelers checks, foreign currency, or cryptocurrency; money orders; peer to peer transfers, wire transfers or similar cash-like transactions; lottery tickets, casino gaming chips (whether physical or digital), or race track wagers or similar betting transactions”.
To develop the card, Apple has partnered with Goldman Sachs and MasterCard. For Wall Street giant, Goldman Sachs, the partnership is an opportunity to venture into a consumer-facing business. The product has received mixed reviews, with a lot of people criticizing Apple for its stagnation in terms of innovation in a post- Steve Jobs era.
What’s leading to FUD?
Earlier, Apple maker of the wildly successful iPhone appeared to take its first tentative steps into the world of bitcoin and cryptocurrency—revealing its upcoming iOS 13 software release will feature what Apple calls a “cryptographic” developer tool. This was taken as Apple’s efforts to integrate cryptocurrencies in their products which were very far from reality. Ronald Mannak, gave his opinion and said,
“YOUR IPHONE WIll NOT BE A HARDWARE WALLET”.
5. The documentation suggests the SE still only supports the secp256r1 (aka prime256) curve, not the secp256k1 curve used by Ethereum and other blockchains. Unless that changes in a future hardware upgrade, YOUR IPHONE WILL NOT BE A HARDWARE WALLET.
— Ronald Mannak (@ronaldmannak) June 4, 2019
Globally, cryptocurrencies continue to remain a hot topic because of the long-debated around their regulation. In the United States, a legislative hearing with popular crypto evangelists like Circle CEO, Jeremy Allaire was conducted recently to achieve in-depth knowledge and understanding of the use of cryptocurrencies. As in the previous hearings, the U.S. Senators discussed the issue of regulation of cryptocurrencies and blockchain technology. Senate Banking Committee Chairman Mike Crapo shared his belief that a ban on bitcoin in the United States would not be successful because it is a global innovation.
Apple is not the first company to ban cryptocurrency purchases with its credit card. U.S. high street banks including JP Morgan Chase and Citi have also prohibited their customers from purchasing crypto due to their concern of cryptocurrencies purchases burdening their customers with debt that they will not be able to repay.
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