Goldman-supported Apple card restricts cryptocurrency purchases

Cryptocururrency cannot be purchased with the new Apple credit card in accordance with the US Multinational Technology Company's recently published Customer Agreement Guidelines. The limitations of the Apple card indicate that the company's partner, Goldman Sachs, is wary of cryptocurrency and other "cash equivalents" such as cards and casino chips.

Also Read: Banks Stopped Walmart Bank – Now Retail Giant Hits Back With Crypto [19659003] No cryptocurrency with Goldman Sachs supported Apple card

Technology giant Apple (AAPL) recently announced the launch of a credit card, which allows people to use credit with an annual percentage rate (April) between 1[ads1]3-24%. The California-based company revealed that the card will be released at some point this month, according to the company's third fiscal revenue. Some of the biggest selling points for the new Apple Mastercard include: virtual use, no annual fees and no transaction and penalty fees. Another interesting aspect is that the card does not have the traditional 16-digit Mastercard number or CVV code. "Thousands of Apple employees use the Apple card every day in a beta test, and we will begin rolling out the Apple card in August," revealed Apple CEO Tim Cook during the July 30 earnings call. Following Cook's statements, the Apple Card revealed Terms of Service (ToS) were published via the Goldman Sachs website this week.

  Goldman-supported Apple Card restricts Cryptocurrency purchases

Two of the biggest issues that stand out for people who have read the customer agreement include the restrictions on jailbreaking an iPhone and limiting "cash equivalents" such as cryptocurrency. This is first addressed in the first section of the user agreement called "important definitions", which essentially defines the terms used in the agreement. "Cash advance and cash equivalents" means all cash advances and other cash-like transactions, including the purchase of cash equivalents such as travel control, foreign exchange or cryptocurrency; money orders; peer to peer transfers, bank transfers or similar cash-like transactions; lottery tickets, casino game chips (whether physical or digital), or racetrack rates or similar game transactions, "explains Apple Card ToS.

  Goldman-supported Apple Card limits cryptocurrency purchases
Apple card comes in both virtual and physical form without a 16-digit number or CVV code.

Being against "cash equivalents" is no different than most traditional ToS credit agreements, and banning things like lottery purchases is the standard credit card procedure. is not that Apple will police what you can buy, but the blame is likely to fall on Goldman Sachs.Crypto purchases using credit cards already experienced pushback from banks and regulators after it was revealed that many people were using charge cards to buy bitcoin and other digital assets during the latest bull run. At the end of 2017, it was revealed that Capital One, Chase, Bank of America, Lloyds Banking Group, Discover, Vir gin Money and TD Bank Canada all banned digital currency purchases. According to Capital One, the bank sees that digital assets can lead to high risk of fraud and serious losses. The bank continues to closely monitor developments in cryptocurrency markets and exchanges, "the bank said back in 2018." And [Capital One] will regularly evaluate the decision as cryptocurrency markets evolve, "the bank explained.

  Goldman-supported Apple Card Limits Cryptocurrency Purchases
In addition to limiting cryptocurrency purchases and cash equivalents, card users change or "jailbreak" their iPhones.

Apple's Long History of Cryptocurrency Restrictions

Despite Goldman Sachs involvement with Apple this time, the company already had a long history of certain cryptocurrency restrictions. for example, removed all bitcoin wallets from the App Store, including's wallet, Coinbase and Coinjar. in the App Store policies that are clearly focused on maintaining Apple's monopoly payments rather than taking into account the user's needs and desires, ”chuckled critically stated. “[Blockchain wallet] had no customer complaints and wide user base. The only thing that has changed is that bitcoin has become competitive with Apple's own payment system. By removing the Blockchain app, the only bitcoin wallet application in the App Store, Apple has eliminated competition by using their monopolistic position in the market in a heavy handed way. ”

  Goldman-supported Apple card restricts Cryptocurrency purchases
Apple banned bitcoin-related apps in the App Store in 2014, but re-posted them later. In February 2018, Apple finally defined its digital currency platform app rules that limit ICO and mining apps. Did you know that the insensitive wallet is one of the most popular wallet apps in the App Store? Download it here . Android users can download our BCH and BTC wallet here .

A few months later, after the Bitcoin community was outraged and some zealots even filmed Youtube videos of themselves, blasting iPhones in protest, Apple released crypto wallet apps back to the App Store. In September 2016, however, Apple began to ban certain types of digital currency wallets that supported coins such as dash and ethereum. The creator of Jaxx's multi-cryptocurrency wallet and CEO Anthony Di Iorio received word from Apple at the time his startup was required to remove support for the dash. Apple again suffered a heartbreak later, leaving wallet developers quietly adding a variety of digital assets. On June 8, 2018, Apple finally defined its cryptocurrency rules for the App Store and gave people better clarity on what types of crypto apps would be allowed.

as an organization, ”explained Apple's revised App Store rules. "Exchange apps can facilitate transactions or transfers of cryptocurrency on an approved exchange, provided they are offered by the exchange itself."

Apple restricted initial coin offering applications, and mobile platforms that provided crypto mining applications using an iPhone chipset were strictly prohibited. Any ICO application must be created by: "banks, investment firms, futures commission merchants (" FCM ") or other approved financial institutions."

Apple may reject transactions for any reason, and the imprisonment of a smartphone may cause service interruptions

For the Apple card, if the company or partner bank (Goldman Sachs) finds that an individual has attempted to purchase digital currencies, the card may be shut down indefinitely. Apple may reject transactions "for any reason" and the company will notify the digital currency exchange companies why the transaction was rejected at the time of rejection. In addition to the cryptocurrency purchase restrictions, the Apple user agreement states that if a user decides to change, root or "jailbreak" their mobile device, Apple will disconnect the credit card from the device as it violates the customer agreement. [19659017] What do you think of Apple and Goldman Sachs restricting cryptocurrency purchases on the new Apple card? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Apple Cards, Apple Inc., Goldman Sachs, and Apple Cards ToS.

You can now buy Bitcoin without visiting a cryptocentral. Buy BTC and BCH directly from our trusted seller, and if you need a Bitcoin wallet to store it securely, you can download one from us here [19659023].

Tags in this story
aapl, App Store, Apple, Apple Card, Apple Inc, Apps, Bank of America, Banning Blockchain Wallet, Bitcoin, bitcoin cash, capital one, Cash Advance, Cash Equivalents, Casino Chips, Chase, Cryptocurrency, dash, Developers , Digital Currencies, Discover, Ethereum, Goldman Sachs, Jailbreak, Jaxx Wallet, Lloyds Banking Group, Lottery Card, Physical Card, Limit Certain Cryptos, TD Bank Canada, Virgin Money, Virtual Card, Wallet Ban

Jamie Redman

Jamie Redman is a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Redman has written thousands of news articles. about the disruptive protocols that emerge today.

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