Katie Marsal
At its annual Worldwide Developers Conference, Apple quietly revised its App Store rules to allow "approved" digital currencies, which has paved the way for Bitcoin-related apps to return.
Apple began pulling Bitcoin apps from the App Store in February, most notably the popular title "Blockchain" utilized by some 120,000 users. As it is a peer-to-peer digital, virtual currency, Bitcoin has been met with some resistance in establishing itself as an accepted form of money.
But Apple clarified its stance on virtual currencies earlier this month with revised App Store rules issued at WWDC. Under the new rules, apps that allow transmission of virtual currencies like Bitcoin must do so "in compliance with all state and federal laws for the territories in which the app functions."
After clarifying its stance, Apple approved a new Bitcoin app on Sunday —  Coin Pocket — which can now be downloaded from the Finance category of the App Store. Its availability was first noted by CoinDesk.
With the newly released app, users can send and receive Bitcoin from their iPhone or iPad. It includes Sweep Private Keys in HEX, WIF, or BIP38 format, a QR code scanner, multiple sources to Bitcoin to U.S. Dollar conersion, and export BIP38 private key for backup.
The application's description also comes with a disclaimer: "Check your state and federal laws on the transmission of Bitcoin or virtual currencies before using the send feature of this app. You are liable for the use of Bitcoin in your jurisdiction."
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16 Comments
Regrettably, people are also liable for recording and reporting to the IRS all cost basis and profit information as well as pay taxes of 20% for capital gains every time Bitcoins are "sold" during a transaction...even if one is simply buying a coffee! These onerous reporting requirements ensure BTC will never become a competitive currency in the US, however Uruguay reportedly is interested in allowing BTC to be used in the same manner as cash without the insane reporting requirements and with far more banking privacy. I'm starting to look around at places to retire outside the US since the great downward slide is only accelerating.
I think it would have been better if Apple had not allowed these things in the app store. Let Android be the platform for organized crime and wing-nut libertarian ideologues.
[quote name="Blastdoor" url="/t/180723/apple-begins-allowing-bitcoin-currency-apps-back-into-the-app-store#post_2550806"]I think it would have been better if Apple had not allowed these things in the app store. Let Android be the platform for organized crime and wing-nut libertarian ideologues. [/quote] Ignorance is bliss. Enjoy your happiness.
[quote name="SpamSandwich" url="/t/180723/apple-begins-allowing-bitcoin-currency-apps-back-into-the-app-store#post_2550798"]Regrettably, people are also liable for recording and reporting to the IRS all cost basis and profit information as well as pay taxes of 20% for capital gains every time Bitcoins are "sold" during a transaction...even if one is simply buying a coffee! These onerous reporting requirements ensure BTC will never become a competitive currency in the US, however Uruguay reportedly is interested in allowing BTC to be used in the same manner as cash without the insane reporting requirements and with far more banking privacy. I'm starting to look around at places to retire outside the US since the great downward slide is only accelerating.[/quote] Or you could do what most people are probably already doing and ignore the requirements.
[quote name="iaeen" url="/t/180723/apple-begins-allowing-bitcoin-currency-apps-back-into-the-app-store#post_2550817"] Or you could do what most people are probably already doing and ignore the requirements.[/quote] You could, but that opens you up to virtually unlimited penalties if the IRS sniffs you out. Better to comply with regulations and reporting or get out of the US and find a country that wants you as a citizen.