Google Play Store has no plans to ban non-custodial cryptocurrency wallets in many countries, including the United States and the United Kingdom, starting in October.

Google confirms it will not restrict non-custodial wallets on its platform, while updating the help center to clarify its cryptocurrency policy.

MAIN CONTENT

  • Google Play Store faced rumors of banning non-custodial cryptocurrency wallets in the United States and the United Kingdom starting in October.

  • Google confirms it does not ban non-custodial wallets and updates related policies.

  • Official information posted on social network X from Google.

Does Google Play Store really ban non-custodial cryptocurrency wallets?

Google has officially responded and denied that it will ban non-custodial cryptocurrency wallets on Google Play Store.

Previously, there were rumors that starting in October, Google would restrict unregistered or non-custodial wallets in many countries, including the United States and the United Kingdom. However, a Google representative confirmed on social network X that there are no such plans and will update the help center to clarify.

Why is Google updating its cryptocurrency wallet policy?

The policy update aims to help users understand the scope of application as well as the differences between custodial and non-custodial wallets.

Google Play focuses on controlling applications related to cryptocurrency exchanges and custodial software wallets to protect users from fraud risks or regulatory violations. Non-custodial wallets, which manage private keys by users, are not subject to this regulation.

"Non-custodial wallets are not within the scope of Google Play's policy for exchanges and custodial cryptocurrency wallets. We will clarify further through updates to the Help Center."

A Google representative confirmed on social network X in August 2024.

What is the impact of this decision on users and cryptocurrency wallet developers?

For users, Google's non-ban on non-custodial wallets still maintains control over personal assets and access to diverse wallet applications.

Developers can continue to develop and distribute non-custodial wallets on Google Play without fear of restrictions, promoting diversity in the cryptocurrency wallet ecosystem.

This update clarifies Google’s approach to supporting decentralization while maintaining compliance for regulated exchanges and custodial wallets.

What should you pay attention to when using cryptocurrency wallets on Google Play?

Users should thoroughly research the type of wallet before downloading, prioritizing transparent applications with positive reviews.

Although Google does not ban non-custodial wallets, securing the private key and being cautious during transactions is still crucial to avoid asset loss.

Additionally, the policy update from Google helps users understand their rights and responsibilities when using cryptocurrency wallets.

Frequently Asked Questions

Will Google completely ban non-custodial cryptocurrency wallets on the Play Store?

No, Google only controls exchanges and custodial wallets, while non-custodial wallets remain allowed to operate on the Play Store.

What is a non-custodial wallet and how does it differ from a custodial wallet?

Non-custodial wallets allow users to self-store private keys, not relying on third parties to manage assets.

Are users affected by Google's update to this policy?

Users are better protected when they understand the scope of permissible wallets and have a wider variety of options.

Do cryptocurrency wallet developers need to register with Google?

The policy mainly targets custodial wallets and exchanges; non-custodial wallets do not require special registration.

Does Google assist users when they encounter risks with non-custodial wallets?

Google does not directly support issues related to non-custodial wallets as users manage their private keys.

Source: https://tintucbitcoin.com/google-play-khong-cam-vi-phi-tap-trung/

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