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News about Apple creating a credit card which will be available to its users created excitement among the company’s following and the tech community in general. The card promises to provide its users with a wide range of services and bring ease to the execution of payments.
The tech giant released its Customer Agreement for the Apple Card, and it has revealed that the card can not be used for crypto trading. The agreement was posted on Goldman Sachs’ website to provide customers with the necessary information about the card’s policies. The investment firm partnered with Apple to create the credit card which is meant to boost Apple’s revenue. The credit card is expected to be launched later this month.
Apple says that the credit card is a service which will be available to iPhone users through a digital wallet application. A physical titanium made credit card is also available as an option and the physical cards will be issued by Goldman Sachs.
Activity banned on the card
According to the Customer Agreement released by Apple and its partner, using the card to purchase Cash Equivalents it Cash Advances is not permitted. The agreement places cryptocurrency under this category and thus bans the use of the credit card for crypto activity.
Other activities which fall in this category include forex trade, traveler’s checks, wire transfers, money orders and peer-to-peer transfers. Apple’s credit card also won’t support transactions that are betting natured. Users won’t be able to place wagers on race tracks, buy lottery tickets or purchase casino chips using the card.
Apple and crypto
In recent weeks, there have been rumors circulating that Apple is considering digital assets as a source of revenue. After Facebook’s announcement of project Libra, a number of Silicon Valley giants have been linked with potential cryptocurrency projects and use cases.
The accuracy of these rumors can be questioned after this latest announcement by the iPhone maker. Apple also banned crypto mining applications from its App Store in 2018 and its not much of a surprise that their credit card cannot be used to buy cryptocurrencies.
Goldman Sachs’ plans to explore crypto
The investment firm is one of many in its industry that have been linked with crypto projects. Reports in June suggested that Goldman Sachs has plans to launch their own cryptocurrency which will be similar to JPMorgan’s JPM Coin. David Solomon, Goldman Sachs’ CEO, said that the investment bank was doing extensive research on digital assets and tokenization. It will not be much of a surprise if the firm launches its own digital asset in the next few months.