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Why can't Bitcoin be bought with new Apple Card?

3 min reading

New Apple Card has just launched. However, it won't allow users to buy any kind of cryptocurrency. Are Apple and Golden Sachs following into British and American banks' footsteps??

American technological giant Apple, along with an investment bank, Golden Sachs, has shared the new card's - Apple Card -registration website. The process of application started on August 5th in the United States. The card is available only for the users of iPhone, compatible with Apple Pay. The newest version of iOS is also a requirement. Apple has published short video instructions for registration of Apple Card on the phone.

Apple Card won't allow Bitcoin transactions

To many people's disappointment, the new product from Goldman Sachs and Apple won't allow the users to buy any cryptocurrency. The agreement between the users and the companies indicates that the card cannot be used for the purchase of deposits, as well as cash equivalents. Those include strictly cryptocurrencies, lottery tickets, casino tokens, or race track bets. According to the Reuters report, Goldman Sachs has declined to comment on the matter, while Apple has not even responded.

Banks against cryptocurrencies

Last year, the British retail bank, Lloyds Bank, along with Virgin Money, had banned the purchase of cryptocurrencies via credit cards. This was initiated by earlier activities of US banking giants: JP Morgan Chase & Co and Citygroup. These institutions have justified their restrictive decisions with the fear of the cryptocurrencies' fall of value. Customers would not be able to pay off the debts incurred for the purchase of virtual assets.

Mastercard goes in a completely different direction

While most banking institutions have some concerns about virtual currencies, Mastercard is taking a whole new path! This company is preparing to enter the cryptocurrency market. It's not surprising, since last year when other financial institutions forbade the purchase of Bitcoins via credit cards, a spokesperson for Mastercard informed that this is largely a decision on credit risk, which should be taken individually by each bank. Not so long ago, this company updated its new job offers. Currently, Mastercard recruits employees for positions closely related to blockchain technology.
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