Apple Chief Executive Tim Cook Against Launch of Cryptocurrency

Apple Chief Executive Tim Cook resisted the introduction of an Apple cryptocurrency, arguing in remarks released on Thursday that corporations should not try to gain control by setting up rival currencies. Three months ago, in June 2020, Facebook announced plans to launch a digital currency in collaboration with other members of the Libra Alliance established by the US tech giant to manage the project.When asked whether Apple would follow suit, Cook told Les Echos daily newspaper it was not on his agenda.

“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,” he said.

“A private company shouldn’t be looking to gain power this way.”

Since then, the effort by Facebook to pull cryptocurrencies into the mainstream has faced international legislative and political resistance, with France and Germany agreeing to prohibit Libra from working in Europe.

Facebook’s move has prompted observers to wonder whether other large technology firms, such as Apple, with a variety of financial services, such as a credit card and a phone-based payment system, will also introduce digital currencies.

The speculation increased in September when CNN Business was told by an Apple executive the Apple “watched” cryptocurrency.

Cook appeared on Thursday to put the notion to rest.

“Currency, like defence, needs to stay in the hands of countries, that’s the heart of their mission,” Cook said.

“We elect our representatives to assume their governmental responsibilities. Companies aren’t elected and should not be going in this direction.”

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