techkenyot.com
techkenyot.com July 15, 2018


Apple doesn't want you mining bitcoin on your iPhone

12 June 2018, 05:14 | Casey Mitchell

Customers stand beneath an Apple logo at the Apple store in Grand Central station in New York City

Apple bans cryptocurrency mining

The section also bans apps and any third-party ads from running "unrelated background processes, such as cryptocurrency mining".

The new rules ban any app from directly mining cryptocurrency.

In perhaps somewhat related news, Bitcoin (and most other cryptocurrencies) have fallen almost 8% in value over the last day, following the hack of South Korean crypto exchange Coinrail over the weekend.

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Some of this will actually be good news for crypto investors.

The tech giants of the world (and probably the entire galaxy), Apple, have recently updated the rules and regulations for developers who wish to develop applications which will be available for download on the Apple App Store. Crypto wallets are also now officially legal, settling a gray area that has existed for months. Apps also can not offer cryptocurrencies as a reward for performing certain tasks such as downloading certain apps, or posting messages on social media. The app even made it to number 3 in the finance category of the App Store before Apple pulled it down.

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Well, a key part of the new guidelines discusses cryptocurrencies and how cryptocurrencies and blockchain technologies can be integrated into new app development for the Apple App Store. These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading. Any apps that facilitate ICOs, futures trading or other securities must be provided by established banks, securities firms and futures commission merchants (FCMs).

Making its position clear " Purchasing and Currencies 11.17 Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions". The company took this step after hidden cryptocurrency mining has become the most popular cybercrime trend among malware developers this past year.

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