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Is Apple Coin coming? Apple thinks cryptocurrency has ‘long-term potential’

Is Apple Coin coming? Apple thinks cryptocurrency has ‘long-term potential’
[Photo: courtesy of Apple]

In recent years Apple has embraced digital payment technology. First the company introduced Apple Pay in 2014, and most recently it debuted its Apple Card credit card. But Apple isn’t just looking at consumer-friendly payment technology of today—it’s keeping an eye on technologies that could become mainstream in the future, too.

As CNBC reports, Jennifer Bailey, vice president at Apple Pay, revealed at CNN Business’ ‘The Table’ event last week that Apple is “watching” cryptocurrencies with interest:

We think it’s interesting. We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today.

Apple has never before been tied to any cryptocurrency projects, so the fact that the company’s Apple Pay head has said the company is interested in the virtual currency should excite those who hope cryptocurrencies go mainstream one day. However, as Bailey said, people shouldn’t expect a cryptocurrency product from Apple anytime soon.

But Bailey did also add that cryptocurrency and QR code-based systems could become viable alternatives to credit cards in the future: “If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time.”

Apple currently isn’t too supportive of cryptocurrencies. Cryptocurrency miners aren’t allowed in its App Store, though cryptocurrency wallets are allowed. Apple also does not allow users to purchase cryptocurrencies with its Apple Card.

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