Currencies Should Remain With The Government And Not Private Companies, Says Apple CEO

While there is considerable growth in the cryptocurrency and blockchain sector with many traditional firms showing interest and others already issuing their own digital assets, not everyone feels exactly the same. In a recent interview with French media platform Les Echos, Apple CEO Tim Cook, has made it categorically clear that the tech giant is not interested in floating its own cryptocurrency.

Answering a question about whether or not Apple would enter the sector, Cook said:

“No. I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group should create a competing currency.”

This is notably different from several other firms who are a bit more interested in the sector. Most noteworthy is Facebook, which is currently working tirelessly to issue its own digital currency called the Libra, as early as next year. 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. The regulatory backlash has been so biting that some members of the Libra Association including PayPal, Mastercard and Visa, are reportedly considering pulling out of the deal.

Apart from its tech devices, Apple is a lot more focused on the payments market, and recently launched its Apple Card. Cook suggests that while private companies can enter the payment business, creation of money should not be part of their goals. He added:

“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 enter this space.

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