New Apple Card Says No To Cryptocurrency and Gambling
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No To Gambling and Betting
As reported by Reuters, the new Apple credit card – a collaboration between the tech manufacturer and Goldman Sachs – will not be supporting gambling or crypto-related activities. According to the customer agreement required to obtain the card, the payment service will restrict the buying of “cash advances” or “cash equivalents”, which are more clearly explained as lottery tickets, cryptocurrencies, casino chips and wagers on race tracks. Reuters asked both Apple and Goldman Sachs for a comment on this restriction, but no response was given.
The news hit online on Friday and immediately caused quite a stir in the cryptocurrency and casino space. After the card was announced in March, many were hoping that the technology giant will continue supporting innovation and open up to cryptocurrencies. This idea was even more reinforced after Facebook announced its own cryptocurrency project called Libra.
Those hopes were crushed last week after the company officially revealed the product. According to available information, the Apple Card will begin rolling out during the next days or weeks and have interest rates that vary between 13.24% and 24.24%. Cashback incentives will also be part of the agreement and given on a daily basis. A 3% cash back will be given on all purchases made on Apple products and the App Store, 2% on Apple Pay purchase, and 1% on all other transactions.
Not the First Crypto or Gambling Restriction
Apple’s restrictions only mirror those of other financial services and banks. Other British and US-based banks like Lloyds Banking Group Plc, JP Morgan Chase & Co, Virgin Money VM.L, and Citigroup have likewise banned cryptocurrency purchases due to “concerns” that the volatile price swings of the digital assets could leave many users with debts they might not be able to repay.
The gambling restriction is not new either as the same ban has been on the minds of a number of important players in the online gambling industry. Only last month, Macquire bank from Australia banned transactions related to gambling and lottery, ascribing the prohibition to pressure from regulators in the local gambling industry but also similar concerns of gamblers acquiring debts they can’t repay. The Internal Affairs Department of New Zealand and the UK Gambling Commission also revealed recently that they are mulling over a ban on gambling-related credit card transactions.
But even if these bans are enforced, they are unlikely to be a big blow to most players using crypto to gamble. After all, there are a variety of other ways to purchase coins for their online casino needs.
