“I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way,” Cook said.
PARIS: Apple Inc Chief Executive Tim Cook has weighed in against launching an Apple cryptocurrency, saying in remarks published on Thursday that companies should not be trying to gain power by establishing competing currencies.
Three months ago, Facebook announced plans to launch a digital currency in June 2020, in partnership with other members of the Libra Association set up by the U.S. tech giant to manage the project.
When asked whether Apple would follow suit, Cook told Les Echos daily newspaper it was not on his agenda.
“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” he said.
“A private company shouldn’t be looking to gain power this way.”
Facebook’s attempt to drag cryptocurrencies into the mainstream has since met with regulatory and political scepticism globally, with France and Germany pledging to block Libra from operating in Europe.