Tim Cook Says ‘No’ to Apple Launching Crypto Similar to Libra

Tim Cook, CEO of Apple made his remarks against launching an Apple cryptocurrency, the main reason is that companies should not be focusing on gaining power by establishing competing currencies. 

Apple was asked whether the company would follow Facebook’s plans to launch a digital currency after the social media giant’s announcement three months ago. The speculation arose when an Apple executive told CNN Business that Apple was “watching” cryptocurrency.

In an interview with Les Echos daily newspaper, Cook declared that creating a new digital currency was not on his agenda. He said: 

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency. A private company shouldn’t be looking to gain power this way.” 

Facebook’s announcement of Libra and its attempt for mass crypto adoption has sparked regulatory and political distress. The launch of Libra in mid-2020 also triggered rumors about other top companies following the same path. 

Cook explains the reasoning behind his view:

“Currency, like defense, needs to stay in the hands of countries, that’s the heart of their mission. We elect our representatives to assume governmental responsibilities. Companies aren’t elected and should not be going in this direction.”

Image via Sky News

This article was originally published in Blockchain.News.

Photo: Mike Deerkoski