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Section 11.17

> Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions




> "of approved virtual currencies"

... which begs the question: Are there approved virtual currencies? I'd also be curious whether litecoin is on that list as well.


Could be wording that allows Apple to blacklist future virtual currencies as needed (i.e., mmorpg credits).


I'm guessing Apple approves them, because other sections mention approving as well.


So largely the US is out since the Fed said Bitcoin is not a currency, right? Or the term "virtual" makes it not required to be approved by the Fed? Who is the approver then?


> So largely the US is out since the Fed said Bitcoin is not a currency, right?

I guess I missed that. I remember the IRS said bitcoin would be taxed using non-currency rules, but the specifics of how something is taxed doesn't necessarily impact whether Apple "approves" it as a virtual currency.


I wasn't even criticizing Bitcoin and got downvoted already? Aww..

I was talking about this, which amounts to almost the same thing:

http://blogs.wsj.com/moneybeat/2014/02/27/yellen-on-bitcoin-...


"Approved" in the Apple rules probably means by Apple, not by someone else.


Per the IRS Bitcoin is taxable property

http://online.wsj.com/articles/lawrence-parks-bitcoins-futil...


Yeah - But there is absolutely no reference to "bitcoin", "crypto", "coin", or anything remotely associated with these things.

They are really inconsistent with their rules, so I have my doubts until they make a clear statement about it.




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