Apple Is Not Comfortable To Create Its Own Cryptocurrency

Suzat

October 4, 2019 9:47 pm

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Tim Cook, CEO of Apple revealed that the company has no intention to follow Facebook in creating its own cryptocurrency. During an interview with French media magazine Les Echos, the CEO said that Apple is not looking forward to launching its own crypto.

Tim stated:

“I truly think currency should remain in the hands of the state. I’m not comfortable with the idea that a private entity can create a modern currency.”

Apple is already attempting for market share with firms such as Visa, Mastercard and PayPal via Apple Pay. Whereas all these three companies have already signed up to participate in Libra.

According to Tim governments should be controlling money. Those who support digital currencies such as Bitcoin (BTC) criticize the way states and central banks corrupt money supply and the backing of fiat currencies. Cook believes that these are exactly the right guardians for economic tools.

Tim Cook added:

“Currency, like defence, should remain in the hands of states — it’s at the heart of their mission. We elect our representatives in order for them to assume the responsibilities of the government. Businesses are not elected — they should not encroach on this space.”

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