Bitcoin and crypto purchases will be prohibited with Apple's new credit card

Apple and Goldman Sachs' new credit card will not let users buy cryptocurrencies.

The agreement notes that the card may not be used for obtaining cash advances or cash equivalents that include digital currencies, lottery tickets, race track wagers, and casino gaming chips.

Apple aims to generate more revenue from its services business.

According to Reuters, Apple's management introduced the card as part of its efforts to increase revenue from its services business after relying heavily on hardware sales for many years.

Goldman Sachs' partnership with Apple is focused on developing products and services that will improve the bank's customer-facing business.

After previously delisting several crypto-related apps, including American digital asset exchange Coinbase's app from its App Store, Apple announced the iPhone CryptoKit at the company's Worldwide Developers Conference in June 2019.

The new crypto kit lets developers implement various hashing, encryption, and key generation features on iOS apps and replaces Apple's previous software program, CommonCrypto.

Too risky to allow crypto purchases with credit cards.

While Goldman Sachs may be working on projects involving digital assets, it's not surprising that they are prohibiting users from purchasing cryptocurrencies with their credit cards.

In February 2018, J.P. Morgan, Citigroup Inc., and Bank of America announced they would no longer permit users to buy cryptos with bank-issued credit cards.