Apple to allow developers to include virtual-currency transactions in their apps

Apple to allow developers to include virtual-currency transactions in their apps

In one of the notable shift in payment processing which tech giant Apple has recently made at its ongoing WWDC event, the company has announced that it will allow app and software developers to include virtual-currency transactions – like those for Bitcoin - in their applications for the App Store.

The change of policy announced by Apple will essentially pave the way for new forms of money – virtual currency - to appear on the iPhone and the iPad; thereby opening up newer markets for Apple’s iTunes and App stores. This could also help the virtual currency bitcoin gain popularity among Apple apps users.

Despite the fact that Apple did not mention the word ‘Bitcoin’ in particular, the company’s new developer terms now make allowance for certain "approved virtual currencies." In addition, the terms also assert that the apps which make use of virtual currency – that is, digital money – must be in compliance with state and federal laws of the regions in which the apps are designed to work.

The virtual-currency-related announcement made by Apple at the WWDC event underscores a notable change that amounts to a potential course correction by Apple. The company is evidently warming up to virtual currencies after having earlier blocked programs like from its App Store

In response to Apple’s announcement that it will start accepting virtual currency in App Store, venture capitalist Adam Draper said in an e-mail: "Get ready for a plethora of bitcoin iOS apps! Very exciting news!"

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