Apple's Tim Cook Dismisses Cryptocurrency Plans

Apple CEO Tim Cook visits the Berlin start-up Blinkist

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After Facebook announced its entry into the world of digital currencies with Libra, other tech giants were expected to follow. Well, Apple probably won't.

In the interview with Les Echos, Cook condemned projects that take fiscal power away from the state, saying that, "A currency should stay in the hands of countries". Unfortunately, the excitement was short-lived as Cook states he is not sure about the idea of private companies getting into designing a competing currency. According to the magazine, Cook is not comfortable with the concept of digital currencies and how it gives privately-owned companies the ability to create money.

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But while Apple may not be interested in challenging the US Dollar or the Euro, the big tech firm has been closely watching the cryptocurrency sector as was indicated in a recent interview.

Cook appeared to put that notion to rest on Thursday.

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Apple CEO, Tim Cook, has put to rest any speculation that the company may soon introduce its own cryptocurrency. We elect our representatives in order for them to assume the responsibilities of the government. "Companies aren't elected and should not be going in this direction". This can not be said about Facebook, a company that is well known for leverage user data to sell ads and more. The Libra road has been significantly rough however, as U.S. Congressmen have not been very supportive about allowing Facebook to wield that much power. All of us lovers of democracy and freedom must think that separating the false from the true is the basis of freedom. The Libra Association includes names like Visa, Mastercard, Paypal, and Stripe.

"Change of this magnitude is hard and requires courage + it will be a long journey", he wrote.

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While Zuckerberg aims to reach the 1.7 billion adults who remain unbanked and underserved, using technology to provide people with an easy and affordable way to send and receive money quickly, particularly where traditional financial services are not readily available, Cook says governments can do a better job.

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