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Apple, Wells Fargo join crypto ban list

Apple (AAPL) is stepping in to ban direct mining of cryptocurrencies from its app store, following the steps of Alphabet (GOOGL), which earlier banned mining extensions from its Chrome Web store. Separately, purchase of bitcoins through credit cards has become difficult with Wells Fargo (WFC) joining the bandwagon of banks that have banned crypto purchases.

Apple has updated its app guidelines and has directed developers not to slip the function into any apps within their ecosystem. This update is in response to the popular Mac app Calendar 2, which is packed with a Monero miner in its premium upgrade. The guidelines, which apply to both iOS and macOS, stated that apps may not run unrelated background processes including a cryptocurrency mining.

Cryptocurrency Fading Away
Picture Courtesy: PxHere.com

As per the guidelines, crypto wallet apps and exchanges are acceptable, but no apps may mine crypto with an exception of cloud-based mining. It also requires trading apps to be provided by established banks, securities firms, and futures commission merchants.

Meanwhile, Wells Fargo is treading the steps already taken by Bank of America (BAC), JPMorgan Chase (JPM), and Citigroup (C), banning the purchase of cryptocurrency through credit cards. According to a Bloomberg report, Wells Fargo will reassess the issue as needed after monitoring the crypto market.

Banks fear that customers buying bitcoins or ethereum on credit might fall into a debt trap due to the volatility of the market. The market could lure customers into buying more through credit cards than they can actually afford.

A survey conducted by an affiliate of LendEDU showed that 21% of university students had used financial aid to invest in cryptocurrencies. Another survey found that one-fifth of the 18% investors, who bought crypto using credit cards, were unable to pay the balances immediately.

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