Apple's App Store To Host New Support For Cryptocurrencies

Cryptocurrency coins

In a recent update, the personal computing company expanded its initial guidelines on cryptocurrencies. Along with new apps, the guidelines will apply to existing apps as well.

Apple has patched a little-known App Store loophole that enabled developers to harvest data on iOS users' contacts, thereby limiting third-party access to potentially unprotected sources of personal information. The rules appear to be an attempt to nip any kind of "crypto-jacking", an increasingly common scam that hijacks a small portion of a users' device to mine cryptocurrency without them realizing.

In the Library tab, you can peruse your full collection of books with large, easy-to-see cover art, including the books downloaded to your device and a Finished section showcasing the books you have read in the past and the date you finished them, displayed in a timeline.

Cryptocurrency mining requires special, powerful hardware that can solve complex mathematical formulas, which verify a cryptocurrency transaction in the Blockchain. At that time too Apple had mentioned battery drain and excessive heat as the reasons to implement the ban.

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The new rules ban any app from directly mining cryptocurrency. While you're highly unlikely to be able to mine a Bitcoin on your iPhone as it requires quite a lot of computational effort - after the recent policy update - Apple won't allow you to mine even less energy-intensive cryptocurrencies directly. This is not a move against cryptocurrency apps in general.

However, mining for cryptocurrency is only acceptable if "performed off-device", such as in the case of cloud-based mining. Some apps and online publications, for example, have taken to using users' system resources to mine cryptocurrency in the background while they use the app or service - sometimes without their permission. Similarly, apps involved in initial coin offerings, bitcoin futures trading, or other cryptocurrency securities trading need to be from the banks, firms, or other approved financial institutions.

Featured image from Shutterstock.

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