Apple warms up to virtual currencies

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In response to the pent up demand Apple has opened doors for virtual currencies by updating the purchasing and currencies section of its App store review guidelines.

Apple states that developers are allowed to use “approved virtual currencies”; however, hasn’t mentioned any currencies specifically.

The terms further note that the virtual currencies should comply with the state and federal laws to get approved for use in the App store. The sudden surge in the use of virtual currencies, particularly Bitcoin has created a necessity for the government to deliberate on determining ways to regulate them.

Bill Lee, a BitGo investor said in an emailed statement, “This is a sign that the ecosystem is maturing and gaining credibility.”

“To be clear, I still think Bitcoin is in its infancy as a technology, but its acceptance is becoming more and more mainstream.”

Earlier, Apple had banned Blockchain, an app for the iOS platform which lets users store Bitcoins and use them on the go while also letting them share it with their friends. Several people posted videos of them shooting and destroying their iDevices after Apple removed Blockchain.

Developer Rob Banagale has said that he has plans to revamp his app and submit it to Apple again for inclusion in the iOS environment.

Various service providers including Dish Network have said that they will start accepting Bitcoin payments very soon. This virtual currency system which is gaining prominence will soon be available for iDevice users who have been using Android based tablets or PCs to use Bitcoins as a mode of payment for their transactions.