Cryptocurrency
Apple Card Bans the Purchase of Cryptocurrencies
Apple Card, a new credit card partnership between Goldman Sachs and Apple Inc., is going to launch soon.
The customer agreement of Apple Card said that the card cannot be used to purchase cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets.
The Apple Card is part of a broader effort by Apple to derive more of its revenue from services after years of heavily reliance on iPhone sales, which declined 12% in the most recent quarter.
Apple and Goldman are not alone in banning the purchase of cryptocurrencies. Major American and British banks Lloyds Banking Group Plc and Virgin Money VM.L also banned such purchases. The banks were concerned that volatile prices could leave consumers saddled with debts they could not repay.
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