Apple’s Tim Cook Dismisses Cryptocurrency Plans

In most recent news, giant technology company Apple has announced that it has no intention to follow social media platform Facebook in creating its own cryptocurrency, according to the company’s CEO Tim Cook.

Speaking in an interview with French media magazine Les Echos on October 4th, Tim Cook has straight out denied rumors that Apple could release its own currency tokens.

He further argued that private companies shouldn’t be competing with states on monetary control, explaining:

“No. 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.”

His comments take a notable dig to both Facebook, which is currently developing its Libra digital currency, as well as other competitors.

Facebook’s Libra initiative has been under scrutiny from regulators across the globe over its potential risk to financial stability and national monetary policies. Libra has faced this narrative a number of times already, from the U.S. Senate, France and Germany, and a group of other central bankers, amongst others.

Last month, Apple Pay vice president Jennifer Bailey mentioned that the company is “watching cryptocurrency,” thinking it is “interesting” and that it has “long-term potential.” But Cook seems to have put that notion to rest.

 “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 Apple CEO further added.

Meanwhile, Apple has been exploring blockchain technology and putting its efforts into building its fiat-currency payments initiatives with both Apple Pay and Apple Card aimed to make payments work smoothly across its devices.

At the moment, Apple is aiming at market share with players such as Visa, Mastercard and PayPal via Apple Pay.

In February, the Cupertino – California-based firm – submitted a filing with the Securities and Exchange Commission (SEC) that mentioned Apple’s involvement in the drafting of “Blockchain Guidelines” for the Responsible Business Alliance’s Responsible Minerals Initiative. The group seeks to use blockchain in mineral supply chain due diligence.