Apple CEO Tim Cook: We Are Not Making Our Own Digital Currency

Tim Cook, Apple CEO, has said he has no intention to create a digital currency like Facebook.

In an interview with a French-based media outlet Les Echos on Friday, Tim Cook explained that Apple has no plans of coming up with its own digital currency or tokens. Asked about the possibility of an Apple digital currency, Cook was quick to respond giving an emphatic ‘No’.

Cointelegraph reports that the CEO stated that issuance of currency should be a reserve of the state and no private company should be allowed to develop the so-called ‘modern currency’.

Cook’s statement contravenes of a fellow tech-based firm Facebook that soon hopes to release its Libra cryptocurrency as well as other competitors.

The Apple CEO explained that he will not let his company to develop a digital currency but his company will continue fighting for a market share in the payment and money transfer system. Apple is competing with different market players like Mastercard, Visa and PayPal using its platform, Apple Pay. The three competitors have agreed to be part of the Libra project bt there is information that they are considering an out after the project has been subject to numerous criticisms.

Although those who support the decentralized currencies like Bitcoin or Libra have been critical on how the states and the central banks have always had a firm grip on the currency market, Cook has a different view. The Apple CEO says that just like the security services, currency control should be left to state operatives. Cook explained that one of the key responsibilities of elected officials is to control the currency industry. According to Cook, business leaders are never elected and as such they should never encroach the currency space.

Cointelegraph also stated that major tech companies leaders like Twitter CEO who also doubles as Square CEO Jack Dorsey, explained that there are no plans to create their own cryptocurrency but will continue supporting the existing ones like Bitcoin.

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