Apple positioned to offer cryptocurrency: RBC report

(Reuters) – Apple Inc has a “clear opportunity” to offer a mechanism to buy and sell cryptocurrency, a move that would see the company immediately gain market share, according to a published research report Monday by RBC Capital Markets.

With its access to world-class software and a secure ecosystem, Apple could tackle the problem that individuals face when acquiring crypto assets due to know-your-customer laws and others. regulations, the company offering a closed system that prevents harmful activity, improves asset security, and has instant access to buyers and sellers, according to the report.

He added that if Apple, which already has a Wallet app, were to go down this route, the move would likely make the United States a world leader in crypto assets, reducing the possibility of a government shutdown of the industry.

“If the United States has the most crypto assets (be it Bitcoin or other assets), it wouldn’t make sense in our opinion to ban it,” RBC analysts said in The report.

The report came on the same day that the leading cryptocurrency bitcoin moved closer to general acceptance after billionaire Elon Musk’s electric vehicle company Tesla Inc revealed that it had purchased 1, $ 5 billion worth of bitcoin and would soon accept it as a form of payment for cars – sending the cryptocurrency firing higher.

Apple has proceeded with caution with cryptocurrencies. The company banned cryptocurrency wallets from its App Store in 2014, but later overturned the decision and now allows them. However, Apple prohibits mining of cryptocurrencies on iPhones and does not allow the use of its Apple Card credit card to purchase cryptocurrency.