Apple Allows Bitcoin Transferring Apps Back Into Its App Store

Jun 16, 2014 06:27 PM EDT | Matt Mercuro

Apple has revised its App Store rules to allow "Approved" digital currencies, which means the return of Bitcoin-related apps.

Apple started pulling Bitcoin apps from its App Store back in February, most notably the popular "Blockchain" app used by over 120,000 users.

Bitcoin is a digital currency not backed by any government or central bank. It is purchased and sold on a peer-to-peer network independent of central control.

Users can transfer bitcoins to each other online and store the currency in "digital wallets."

Though bitcoins aren't considered a great alternative to established currencies, they do cut down on the cost of having to move money around.

There is skepticism about the future bitcoin exchange however, with a number of critics pointing out recent setbacks like Mt. Gox's bankruptcy.

Mt. Gox, once the biggest bitcoin exchange, stopped trading in February after its faulty computer system was hacked, costing the company nearly half a billion dollars worth of the virtual coins.

Apple clarified its stance on virtual currencies earlier this month however, with a revised App Store rules issued at its annual Worldwide Developers Conference. Under the new rules, apps that allow transmission of virtual currencies, like Bitcoin, must do so "in compliance with all state and federal laws for the territories in which the app functions."

Apple approved a new Bitcoin app on June 15, called Coin Pocket, which can be downloaded from the Finance category of the App Store.

The app allows users to send and receive Bitcoin from their iPad or iPhone. It does come with a disclaimer however.

"Check your state and federal laws on the transmission of Bitcoin or virtual currencies before using the send feature of this app. You are liable for the use of Bitcoin in your jurisdiction," the disclaimer reads.

It includes:  Sweep Private Keys in HEX, WIF, or BIP38 format, a QR code scanner, and export BIP38 private key for backup.

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