If you use the Apple App Store, you may be familiar with recent legal dramas related to updates to the App Store policies. It’s no secret to anyone that the App Store is designed to be the foundation that app developers find more difficult to publish their apps compared to competing offerings, because it requires an environment where quality is more important than quantity to protect the user base.
With this part from Apple, we just saw a hammer hit the conservative social media app Parler, and followed in the footsteps of Twitter and Facebook that banned ex-Americans forever. President Donald Trump from his stands. Apple and Google have decided to remove the alternative social media system from the App Store and Marketplace. Both systems “said the application was not sufficient to curb call-to-action.” The move comes on the heels of a horrific raid on the US Capitol Building on January 6 by crowds of Trump supporters and concerns that Trump used platforms such as Twitter, Facebook and Parler to resort to violence.
But the controversy surrounding Apple’s App Store policies revolves around two types of mobile apps – those that collect user data and those that provide personal loans aimed at many consumers.
Protect users’ privacy
Under the new rules, any app developer listed on the Apple App Store must now clearly display on their product page: “(1) the data that the developer collects […] or any of its external partners, and (2) that the developer plans to do. Or his partners dealing with accumulated data. ”
Apple and lawmakers have identified a major problem in the ecosystem where apps are being abused by consumers through predators. In the latest policy update, Apple added revised rules for all personal applications and credit applications. Section 3.2 states in particular that “Applications for personal loans must clearly state all the terms of the loan”. This includes applications that are prohibited from charging a “maximum annual interest rate of more than 36%, including costs and fees, and that may not require full payment within 60 days or less”.
The changes are further evidence of how Apple is committed to protecting users from predatory lenders after a series of public discussions that led to restrictions on developers to protect US citizens.
In September last year, Apple announced that it “voluntarily adopted the policy and will deny access to hundreds of millions of Apple users offering higher-priced lenders.” As Apple spokesman Fred Sense said:
“Unfortunately, the reality is that low – income Americans and Americans are often victims of predatory lending, and we wanted to do our part to prevent this opportunistic behavior. By implementing the generally accepted standard set by the MLA Military Credit Act, we can ensure that we not only protect our military personnel from unfair loan terms, but we protect the entire App Store user base worldwide. ”
Last year, legislators introduced a bill that would set a ceiling of 36% for all borrowers across the country, and finally remove the annual interest rate of 400% that everyone can offer. In other words, if your app makes it possible to pay out personal loans over the phone, the lender cannot offer users an annual return of over 36%, otherwise it is considered predation.
Meanwhile, Senator Sherrod Brown asked Apple to use a 36% cap on all mobile apps that offer personal loans on their devices:
Apple’s commitment to “quality more than quantity” when it comes to attracting developers to its app store deserves approval in the cryptocurrency. Affordable means giving people more access to these types of resources without limiting decision-making to an organization or institution.
Satoshi Nakamoto’s original idea of participating in a decentralized system that ensures financial inclusion and equality for all has turned into some fantastic projects. But so did the rich richer. This is why the Ethereum era seems to be running out and why DeFi is on the rise.