Cryptocurrency is rapidly emerging as one of the most sought-after investments in the portfolios of many experienced, knowledgable, and new investors. Cryptocurrency is a form of digital cash that can be traded in much the same way as stocks are today.
Regarding cryptocurrencies, there are majorly two schools of thought. One school believes that cryptocurrency is the future and that investing now will result in compounded benefits over time. The other school simply believes that it is a fad and that it is sure to die out resulting in massive losses for investors.
It seems as if companies such as Facebook, Twitter, Google, and Apple are fairly skeptical about cryptocurrency. Last month, Google banned cryptocurrency mining extensions from its Chrome Web store to prevent crypto-jacking by extensions that maliciously mine digital currencies without users’ awareness. In late March, Twitter also announced its plan to block cryptocurrency-related ads on its platform, and in January, Facebook banned all ads promoting cryptocurrencies, including Bitcoin and initial coin offerings (ICOs).
Following the same idea, Apple has now explicitly banned cryptocurrency mining apps on its devices using iOS and MacOS according to the newly updated Review Guidelines for the App Store.
In March, Apple removed Calendar 2 from the Mac App Store after the app began mining cryptocurrency on people’s devices in exchange for premium features. It was Apple’s first move against cryptocurrency mining apps. Calendar 2’s developer said Apple removed the app because it violated an App Store guideline: “Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources.”
The new guidelines set forth five rules to abide by:
1. Apple will allow virtual currency wallet apps, as long as they are offered by developers who are enrolled in the program as organizations.
2. The only cryptocurrency mining apps allowed are those that mine outside of the device, such as cloud-based mining.
3. Apps can help users make pay, trade, or receive cryptocurrency on an approved exchange, but the apps must be from the exchanges themselves.
4. Apps involved in initial coin offerings or ICOs, bitcoin futures trading, or other cryptocurrency securities trading need to be from the banks, firms, or other approved financial institutions. They must also be lawful.
5. Cryptocurrency apps cannot offer users virtual coin for tasks such as downloading other apps, getting other users to download the app, or boosting social media activity.
Apple guidelines say that wallet apps for storing your virtual money are allowed. However, the developers offering these apps must be enrolled in the Apple Developer Program as an organization. Apps offering to facilitate ICOs, on the other hand, can only do so with the backing of established banks, securities firms, or other financial institutions.
“Apps, including any third party advertisements displayed with them, may not run unrelated background processes, such as cryptocurrency mining,” the updated guidelines read. “Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources.”