Apple’s CEO Tim Cook Doesn’t Want Native Cryptocurrency (For Now)

Apple Tim Cook against native cryptocurrency

Apple’s chief executive officer Tim Cook was recently interviewed by Les Echos daily newspaper, on of France’s leading news outlets, where he made several remarks regarding whether the tech behemoth is planning to launch its native cryptocurrency. Most of his thoughts weighed in against Apple creating its own digital currency.

Apple’s CEO affirmed that the company is not interested in launching an Apple cryptocurrency. He also added that companies shouldn’t be trying to gain power by establishing competing currencies.

When Oliver Harmant, a journalist at Les Echos, asked Tim Cook whether Apple will follow the trend, he said that launching cryptocurrency isn’t the top priority of the company. He stated:

“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.”

Taking a firm stand wit his opinion,Cook further added that “Money, like Defense, must remain in the hands of States, it is at the heart of their mission. We elect our representatives to assume government responsibilities. Companies are not elected; they do not have to go on this ground.”

The cryptocurrency stakes seemed to grow higher in September when an Apple executive told CNN Business that Apple was “watching” cryptocurrency. However, during the interview, Cook cleared the shrouds of confusion by putting cryptocurrency out of Apple’s equation, at least for now.

Some of the other topics Cook spoke about in an interview with Les Echos were a decline in iPhone sales, wearable devices, Apple Card, and its competition with Netflix and Amazon for SVoD services were some of the other topics.

Watching How Facebook’s Crypto Project Unfolds

The social media giant Facebook announced that its digital currency project Libra will be released at some point next year. The crypto project is being developed by the Geneva-based Libra association in which U.S. giants like PayPal, Visa, and Uber will manage the project.

However, according to some reports, PayPal is about to leave the Libra Association due to regulatory issues and political skepticism growing globally. So, there are quite a lot of speculations whether other tech giants such as Apple will ever launch their own native digital currency.

Facebook’s move has already triggered several crypto speculations regarding large companies such as Apple, and whether they would launch their own cryptocurrency. Companies like Apple already have a wide range of financial services in their arsenal, including credit card and phone-based payment system. While having its own cryptocurrency might add another feather in the company’s cap, but it also add more regulatory complications that Apple might want to avoid at the present.

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