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Apple CEO Tim Cook Says “No” to Create Digital Currency Like Facebook

Apple the second-largest mobile phone manufacturer and world’s largest revenue holding IT company is in no mood to create its own Apple coin like Facebook. 

Apple’s CEO, Tim Cook is entirely against the idea of creating its digital currency and has no intention to go along with Facebook’s idea of bringing the new money. While giving an interview to the French financial newspaper Les Echos Cook said, “Money, like defence, must remain in the hands of states.”   

Reportedly, the thought of bringing its cryptocurrency by a private group is not at all right, says Cook. He is not “comfortable” to appreciate this practice of bringing the competing cryptocurrency and mentioned that the idea of seeking power by a private company through constructing its digital asset is unhealthy.

Apple, the world’s largest valuable brand seems critical about Facebook’s intention and other 27 organizations that have joined Facebook’s mission to bring Libra.

“I truly think currency should remain in the hands of the state. I’m not comfortable with the idea that a private entity can create a modern currency.” Cook exchanged his views to the journalist when asked about the possibility of following Facebook’s path.

Apple Pay, Facebook, and Tim Cook

Last month, in the first week of Sep, the vice president of Apple’s payments service, Apple Pay, Jennifer Bailey, reportedly indicated Apple’s possibility in cryptocurrencies which is a clashing statement of what Tim Cook has given. 

At CNN business event series, The Table in San Francisco, Christine Romans, the outlets chief business correspondent touched the topic of Facebook’s Libra, Apple Pay, and Apple card and asked about the similar interest of Apple considering cryptocurrency concept. On which Bailey relayed that the company is watching cryptocurrency and its interesting to see the long-term potential hypothesis.

Interestingly, Apple Card customer agreement doesn’t allow Apple Cardholders to deal/buy-in cryptocurrencies via upcoming credit card service. As per Reuters report, “the purchase of cash advances or cash equivalents that include cryptocurrencies, casino gaming chips, race track wagers or lottery tickets” are prohibited by Apple. 

Apple has collaborated with Goldman Sachs to attract more customers and bring in revenue through service offerings. However, Goldman hasn’t commented yet on the advancing moves of this deal and the offerings.

Facebook ‘s Libra and Impeding Action to its Launch

Facebook’s cryptocurrency Libra already making a hype before its forthcoming 2020 launch because of lawmakers and the banks’ hesitation to give permission. The obstruction is due to the regulatory issues and Anti-money laundering matter of concerns.

In a recent report by The Wall Street Journal, companies such as Visa, Mastercard, and PayPal who have joined hands with Facebook as a future node operator to launch its digital currency Libra, are now ruminating to step-back, thanks to the hot regulatory scrutiny. 

The financial supporters of the Facebook Libra payment network are now reconsidering their financial assistance due to the criticism which US lawmakers have shown to Facebook. The regulators attacked the social media giant by calling it “delusional” and “dangerous”, and asked to clean up its house first before launching a new business model.

Photo by zhang kaiyv from Pexels

Tags: Cryptocurrencies, Apple, Facebook, Libra, Tim Cook, Apple Pay, Apple Card, Anti-Money Laundering