Laying all speculations to rest, CEO of Apple Inc., Tim Cook, has virtually opposed the idea of private companies launching their currencies. The top executive said that private organizations should refrain from getting access to power by launching their own competing currencies.
Just a couple of months ago, Facebook announced its Libra cryptocurrency project, which has got backing from several well-known corporate houses, including the likes of Visa, Master Card, Uber, and PayPal, among others. Facebook is planning to launch Libra stablecoin in June next year, and in this background, when asked whether Apple was also thinking of taking a plunge into cryptocurrency. In response, Cook said to the daily newspaper, Les Echos, that it was not on his agenda.
Elaborating on his point, Cook said that he is not comfortable with an idea of a private corporate house coming up with its currency and trying to get access to the power in this manner. So that you know, the Libra project of Facebook has met with strong opposition from many quarters with countries like Germany and France opposing Libra strongly. These countries have already said that they would not allow Libra to operate in Europe.
The speculation of Apple might be taking a plunge into cryptocurrency started when one of the senior executives of Apple hinted to CNN Business that the company was “watching” crypto space. As Apple has an ecosystem supporting payments on phones, many speculated that it might come up with its cryptocurrency similar to what Facebook is trying to do.
Cook further said that issues like the currency, the defense must remain in the hands of the government. People choose their representatives in governments and designate them to work, but the same is not true when it comes to private organizations. The people do not elect executives of a firm, and hence, they should refrain from venturing into the fields like currency and defense.