Apple Credit Card Bans Encrypted Currency and FB Libra Currency

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[Abstract] According to the customer agreement of the Apple Credit Card, the card cannot be used to advance cash for some products or cash equivalents, including encrypted currency, casino game chips, horse racing bets or lottery tickets. This also means that Apple’s credit card will not be able to buy the Libra coins that Facebook and other companies are preparing for.
To expand its revenue, Tencent Technologies plans to work with financial giant Goldman Sachs Group to launch a credit card that will potentially target more than a billion users of Apple.
According to the latest news from foreign media, according to a customer agreement released on Goldman Sachs Bank’s website on Friday, the credit card jointly launched by Apple and Goldman Sachs Group will not be allowed to use the credit card to purchase encrypted currency.
This also means that Apple’s credit card will not be able to buy the Libra coins that Facebook and other companies are preparing for.
According to the customer agreement of Apple Credit Card, the card can not be used to advance cash for some products or cash equivalents, including encrypted currency, casino game chips, horse racing bets or lottery tickets.
Goldman declined to comment on such restrictions, and Apple did not immediately respond to requests for comment.
Over the years, Apple has relied heavily on smartphone sales, with mobile sales falling by 12% in the last quarter (IDC’s smartphone market report shows that Apple’s mobile sales fell by nearly 20% in the second quarter). The launch of Apple’s credit card is part of Apple’s broader plan to generate more revenue from its services.
For Goldman Sachs, the partnership with Apple is part of a long-term investment bank’s project to build consumer-oriented businesses.
It is not just Apple and Goldman Sachs that prohibit the use of credit cards to buy encrypted currencies such as Bitcoin. Lloyds Banking Group Plc and Virgin Money VM, the major banks in the United States and Britain, banned such purchases last year after JP Morgan Chase & Co and Citigroup. Banks are concerned that large fluctuations in the price of encrypted currencies will leave consumers with insolvent debts.
The encrypted currency represented by Bitcoin has aroused controversy all over the world. Although the encrypted currency can be used normally in some countries, many countries have adopted the policy of blocking and restricting it, forbidding domestic commercial banking system and encrypted currency to produce any transactions.
Social networking giant Facebook recently announced the creation of Libra coins, which are also encrypted currencies, but Libra coins has a central management body, the “Libra Money Association” formed by all its founding members, which is registered in Switzerland, the European country.
After the launch of the Libra Currency Project, criticism and controversy arose around the world. One of the important reasons is that Facebook’s public image has fallen sharply due to various privacy violation scandals. The outside world does not recognize that the company is manipulating a digital currency that can be used globally. It believes that it will have a huge impact on the existing financial regulatory system. 。
Apple’s credit card prohibits the purchase of encrypted currencies. Whether there are any comments from Apple executives is not yet clear. It’s worth mentioning that executives of Apple and Facebook have had a fierce battle in the past. Cook, Apple’s chief executive, criticized Facebook for infringing on users’privacy, arguing that businesses that did so should not exist at all, and Zuckerberg and others countered Cook’s remarks. In the technology industry, Apple has always attached great importance to consumer privacy protection, and most of its data is stored locally on smartphones. (Tencent Technology Revision/Chengxi)