The highly anticipated Apple credit card is set to launch in the coming months, but any Apple crypto fan is in for a huge upset. In a customer agreement posted on the Goldman Sachs website, the terms of the Apple credit card strictly prohibit the purchase of cryptocurrencies, money orders, peer to peer transfers, lottery tickets, casino gaming chips, race track wagers, or anything else related to gambling. This little caveat to the Apple credit card is likely to cause a huge stir with Apple fanatics that love their crypto.
It’s Not Just Apple…
Unfortunately, it’s not just Apple that is banning its users from buying crypto. In July, Wells Fargo announced that its customers would no longer be able to buy cryptocurrencies with funds in their account. This situation differs greatly from Apple’s credit card fiasco in the sense that this is the customer’s own money, as opposed to a lending facility provided by Apple. More banks around the world are taking an anti-crypto stance, preventing customers from accessing the crypto market. This stonewalling by the banking and finance industry is creating more cases for the crypto adoption movement.
Isn’t Apple Turning Crypto-Friendly?
Back in June, Apple announced it was launching a developer kit that allowed app developers to utilize the secure enclave to perform cryptographic operations. On the surface this might look like Apple is getting into the crypto business, but this developer kit simply allows developers to build crypto wallets that use the secure enclave, rather than hinting that Apple is finally joining the crypto world. We saw a similar announcement from Samsung before the launch of the Galaxy S10, and while many expected a similar outcome, Samsung shocked the world and launched its own crypto wallet in partnership with Enjin.
Jailbreaking Your Phone Won’t Help
If you’ve got a jailbroken iPhone, you’re also going to be in for a bit of a shock when applying for the Apple credit card. All iPhones that have been jailbroken will not be eligible for the credit card program. This tight set of rules and regulations imposed by Apple is another clear reason why centralized institutions shouldn’t be allowed to control people’s finances. By preventing users from making their own choices when it comes to finance, we face a dangerous scenario where we’re all forced to become sheep controlled by the corporate machine.
Apple and other major banks aren’t doing themselves any favors by blocking crypto transactions, and if anything, this will be the catalyst for the uprising of a new decentralized financial world.