Apple has revised its policy to make way for the usage of bitcoin and other forms of money via iPhones and iPads by allowing software developers to integrate virtual currency functions in their apps.

Apple's revised developer policy now allows users to conduct transactions using "approved virtual currencies." The terms also said the apps using virtual money should follow the laws enforced by the state and the federal government, according to SF Gate.

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This development indicates that Apple is starting to embrace virtual currencies after it previously pulled out Blockchain.info and other similar programs from its App Store. As of now, Bitcoin is the most prominent among digital currencies, and governments are still unable to regulate them because they are in software form.

In an email, venture capitalist Adam Draper said this change is very "exciting" and that people should expect several bitcoin apps to appear on the App Store.

On Monday, after revealing the iOS 8 features during the Worldwide Developers Conference keynote, Apple also released its revised App Store Review Guidelines. One portion of the new set of guidelines tackled the transmission of digital funds via mobile apps, according to Apple Insider.

In the past, Apple had turned down submission of apps related to Bitcoin trading. In February, the firm had pulled out Bitcoin trading app Blockchain from the App Store because of an "unresolved issue." Going back to November 2013, the company had also removed another app called Coinbase.

The tech giant allowed Bitcoin wallet viewing app Gliph to remain in the App Store on the condition that it disabled its Bitcoin transaction features.

Companies such as Gliph still have to submit new apps to be reviewed by Apple. The effect of the new policy still remains to be seen.

Moreover, the updated rules did not specifically mention Bitcoin, so the possibility of having transaction-capable apps in the App Store is not yet clear.

TagsApp Store, Virtual Currency, Bitcoins