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Some of Bitcoin enthusiast Mike Caldwell Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in this photo illustration in Sandy, Utah, January 31, 2014. REUTERS/Jim Urquhart REUTERS/Jim Urquhart  

Apple Lifts Ban On Bitcoin-Trading Apps

Coin Pocket has become the first Bitcoin-trading app available on Apple’s App Store.

The update follows revisions to the store’s policy on apps related to virtual currency, The Verge reports.

According to the new guidelines, virtual currency apps are permitted as long as they comply with state and federal laws wherever they operate. This condition, along with the ruling issued earlier this year by the Financial Crimes Enforcement Network that individual Bitcoin miners and investors are not subject to regulation by the Treasury Department, will likely help Apple avoid any legal problems related to permitting the apps.

In addition to many similar apps that will soon follow, Coin Pocket serves as a Bitcoin wallet, which allows users to send and receive Bitcoins using their iPhone or iPad.

The acceptance by Apple is just the latest in a series of developments that is changing the image of Bitcoin from a novelty for computer nerds and conspiracy theorists to a legitimate, mainstream method of payment. Last week, King’s College became the first accredited college to allow students to pay with Bitcoin, and Expedia became the latest of numerous major companies to accept the virtual currency. (RELATED: Expedia Joins The Ranks Of Major Companies To Accept Bitcoin)