Apple reverses course on BitCoins, will now allow virtual currency apps

Virtual currencies are still in their infancy. Sure, Bitcoin and others like Dogecoin have a sizeable following but mass adoption of these monetary tools is still quite low compared to their paper counterparts. Apple, who used to be quite wary of the virtual currencies, is apparently changing course and will now allow them in the App store.

In an update to their approval guidelines, Apple has inserted the following statement: "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 key here is that virtual currencies must follow local laws and regulations, these currencies have been a bit of an outlier when compared to traditional monetary instruments. While not illegal, in many regions, Bitcoin and others are not viewed as actual currency, from a government point of view.

Will Apple's relaxed guidelines help out virtual currencies and push them more into the mainstream? That answer will only come with the test of time, but seeing that these apps can now be used on iOS devices, it will certainly not impede the progress of the currencies. 

Until more companies - and we know that some have already started - begin accepting Bitcoins, the currencies will still remain a niche monetary tool. With that being said, these currencies have made quite a bit of traction in the real-world, and if progress continues at its current pace, we may all one day be paid in Bitcoins.

Source: Apple  | Via: BBC | Image via 

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