Apple Will Not Create Its Own Digital Currency Like Facebook, Says CEO

NEWS

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:

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:

As Cointelegraph 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.

By William Suberg

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