Apple Inc. (AAPL) acknowledges virtual currencies like Bitcoin

In a historic milestone, Apple Inc. (NASDAQ:AAPL) acknowledged the existence of virtual currencies such as Bitcoin or Dogecoin for the first time in their updated App Store Review Guidelines. Though the mention is brief, the Guidelines actually indicate that the Cupertino firm recognizes that virtual currencies are a phenomenon and hint that it would be possible for apps related to them to meet the benchmarks established for including in the App Store.

The entry appears in section 11, “Purchasing and Currencies,” at the very end of a list that mostly consists of reasons why a currency related app will be rejected. Item 11.17 states, “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.” This is strongly worded considering that Apple’s previous stance was outright rejection of such currencies.

The guideline raises even more questions than it answers, however. In particular, Apple’s (AAPL) mention of “approved virtual currencies” naturally contains within it the suggestion of an approval process that each currency must undergo separately before receiving the Cupertino company’s green light. It seems likely, considering the proliferation of online currencies, that each must be submitted actively to Apple for approval. However, there is a slight chance that the tech giant itself will undertake evaluation of the most popular currencies on its own initiative.

Currently, no office exists at Apple (AAPL) where virtual currency can be submitted for review. Adding new departments, even small ones, to a massive multinational business takes time, and assessing the regulatory compliance of virtual currencies will require well trained specialists in monetary law. The move to virtual currency acceptance is unlikely to be swift, therefore, unless a surprising revelation is “in the works” for later WWDC workshops.

Nevertheless, the inclusion of item 11.17 in the App Store Review Guidelines is cause for cautious optimism among fans of virtual currencies. Formerly, Apple viewed these online monetary systems as pariahs, just as distasteful and out of place in its app store as pornography or racist screeds. Yesterday’s new guideline publication marks a break with this attitude and an uncertain but actual way forward for virtual coin developers to mesh their products with one of the world’s most successful mobile computing platforms, Apple Inc.’s (AAPL) iOS.