Apple Will Not Create its Own Digital Currency: Tim Cook

Tech giant Apple has no intention to follow Facebook’s footsteps. In an interview with French magazine Les Echos, Apple CEO Tim Cook stated that Apple had no plans to launch its own digital currency. He added that he is not comfortable with the idea of private entities issuing their own currencies.

“I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way.”

Tim Cook

Tim Cook’s comments may have been influenced by the regulator backlash that Facebook’s cryptocurrency project Libra is receiving from regulators across the globe. In fact, many lawmakers in the US and EU have called for a complete halt on the development of Libra.

“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 government. Businesses are not elected — they should not encroach on this space.”

Tim Cook

Interestingly though, Jennifer Bailey, the vice president of Apple Pay, had stated only last month that Apple sees long-term potential in cryptocurrencies. At that time, Bailey had said, “We’re watching cryptocurrency. We think it has interesting long-term potential.”

Cook’s stand is in stark contrast to the stand taken by Bailey. His statement makes it clear that Apple will not pursue any cryptocurrency ambitions for the time being. AppleCoin may well have to wait!