Cryptocurrencies have been a real revolution in digital assets market at the end of last year. In spite of their great volatility, a large number of users decided to bet on them as a means of investment because, due to speculation, their value did not stop growing and analysts assured that in 2018 they could even triple their value. As a result of their popularity, many began to use cryptocurrency for malicious purposes, forcing large corporations and governments to establish a set of rules and regulations regarding its use and how to deal with it. Now, Apple banned cryptocurrency mining apps on its App Store.
Accordingly, there are many malicious developers hiding cryptocurrency mining scripts in their apps
After the chaos generated by the cryptocurrencies in the second half of 2017, the main software developers and governments are increasingly applying restrictive rules against these decentralized monetary units.
While Microsoft and Google are already quite clear on their position, it is now Apple’s turn to control the use that can be made of crypto coins in its systems.
Apple severely restricts the use of crypto-related apps on its systems, while cryptocurrency mining apps are strictly prohibited on App Store
Apple has just released an update to its Standards Guide for Application Development and Publishing, specifically in section 2.4.2 of the Hardware Compatibility section, which makes it clear that all types of applications that use the hardware of an iPhone, iPad, and even Mac computers are completely prohibited, and therefore cannot be published on the App Store under any circumstances.
The new standard indicates that no application can quickly drain the battery of the company’s devices, and this also includes background processing and advertising, ending applications that display banner ads that undermine cryptocurrencies at the expense of users’ computers’ processing power.
ICO apps have also undergone a major adjustment and to avoid new speculation and scams, Apple will only allow registered applications such as trading companies, banks, security firms, and FCM (Futures Commission Merchants) to publish these types of ICO apps on App Store.
In short, Apple has banned any kind of cryptocurrency mining app from App Store, in a movement to protect its users from scams and speculations.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.