Apple has no intention to follow Facebook in creating its own digital currency, the company’s CEO Tim Cook has said.
Cook “not comfortable” about firms creating money
Speaking in an interview with French media magazine Les Echos on Oct. 4, Tim Cook poured cold water on the idea that Apple could release its own currency tokens.
“No,” he said when asked about the possibility, continuing:
“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.”
His comments strike a notably different tone to both Facebook, which is developing its Libra digital currency, and competitors.
In the payments space, Apple is striving for market share with players such as Visa, Mastercard and PayPal via Apple Pay.
All three of those companies have signed up to participate in Libra, despite revelations this week that all may be considering a U-turn.
Apple pits itself against bitcoiners
In addition to jarring with Apple Pay executives on cryptocurrency interest, Cook will likely rile cryptocurrency proponents by believing that governments should control money.
Those who support decentralized cryptocurrencies such as Bitcoin (BTC) conversely criticize the way states and central banks corrupt money supply and the backing of fiat currencies.
For Cook, however, these are exactly the right guardians for economic tools. He noted:
“Currency, like defence, should remain in the hands of states — it’s at the heart of their mission. We elect our representatives in order for them to assume the responsibilities of government. Businesses are not elected — they should not encroach on this space.”
As CS reported on Sept. 7, Twitter and Square CEO Jack Dorsey stated that there are no plans for a platform-specific “Twitcoin” cryptocurrency, noting that he will instead focus on promoting Bitcoin.