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Apple, Goldman Sachs Ban Cryptocurrency Purchases, Cash Advances with Credit Card – Report

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Apple, Goldman Sachs Ban Cryptocurrency Purchases, Cash Advances with Credit Card - Report

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The Apple credit card launched in partnership with the Goldman Sachs Group will not allow the use of the card to purchase cryptocurrency, Reuters reported Friday.

According to the customer agreement, cited by Reuters, the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.

In March, Apple introduced a titanium, laser-etched Apple Card backed by Goldman Sachs and Mastercard that can track spending across devices and pay daily cashback on purchases. Apple CEO Tim Cook said that Apple Pay would be available in more than 40 countries by the end of the year, Reuters reported.

Meanwhile, US President Donald Trump criticized Bitcoin, Libra and other cryptocurrencies, demanding that firms seek a banking charter and subject themselves to US and global regulations if they want to “become a bank”.

In June, The Wall Street Journal reported, citing sources, that Visa, Mastercard, PayPal and Uber Technologies would invest some $10 million each in a consortium that would govern digital coin.

A number of countries have expressed interest in regulating cryptocurrency over the last year or have made steps toward it amid Bitcoin’s 2018 surge in price. Belarus legalized cryptocurrency transactions and Initial Coin Offerings (ICOs) and exempted trade from taxes for the next five years. China, however, has banned ICOs that sell future coins in order to raise funds for cryptocurrency startups on its territory.



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