Cryptocurrency purchase violates of the newly launched Apple card. Debuting this summer, Apple card is the next big thing, and it isn’t created by any bank.
Apple, however, the customer agreement will not be allowing its users to go buy cryptocurrencies over the card. Apple card holders are just not given the privilege to cash out some goods from the crypto space in exchange for their fiat.
The Reuters published a report that puts forward the agreement by Goldman Sachs. Apple is releasing the Apple card to provide better support to its customers via value-added services.
The company wants to make the Apple experience a seamless as it can be by introducing a payment method that works tailored to the users’ (Apple) needs – the report says.
Anything associated with money isn’t welcome by the Apple card. The user agreement denies dealings in cash advances and cash equivalents. Cryptocurrency has hence been shut out from being bought using the Apple card.
The Apple card will be coming out this summer as an integrated Apple solution to mobile banking. It will be offered both, via iPhones’ digital Wallet app and the Goldman Sach issued titanium card that makes a statement on its own.
But is cryptocurtrency= cash theory true?
The judge handling the case that involves the banking institution Chase thinks otherwise. He is of the view that the defendant (Chase) stands correct and cryptocurrency is just another monetary asset- not cash or cash-like.
The ongoing case has Chase tied closely to it, so any of their appeals for Chase’s motion to be dismissed have been denied, however if the Apple card is deeming it equal to the cash.