By CNBC reported on 4th October 2019 about a comment by Apple CEO Tim Cook, that the Tech giant has no plans whatsoever to launch Apple cryptocurrency.
Speaking to Les Echos from the daily newspaper, Cook said a cryptocurrency launch was not on his agenda. He added that it is wrong for companies to try and gain power by developing cryptocurrencies and competing against one another.
Apple Has No Plans to Launch a Cryptocurrency
Three months have passed since Facebook announced its own cryptocurrency launch on June 2020 in partnership with other members, under the Geneva-based Libra Association.
The daily newspaper asked him whether Apple would be next and he responded that it was not on the company’s 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.”
Since Facebook announced its intentions to launch a cryptocurrency, it has been met with the fierce global opposition from regulatory authorities and political vote of no confidence. France and Germany have so far pledged to stop Libra from operating anywhere in Europe:
“France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed. We believe that no private entity can claim monetary power, which is inherent to the sovereignty of Nations.”
Speculations about Apple Interest in Cryptocurrency
Facebook Libra project made analysts speculate on how other major technology giants would react or what tricks they could be hiding up their sleeves. Apple, in particular, received special attention, because of its additional ventures as a provider of financial services via credit cards and mobile banking systems.
The speculations peaked when Apple CEO Tim Crook said on CNN that the company was watching the cryptocurrency space. His remarks on Thursday will no doubt put speculations to rest.
“Currency, like defense, needs to stay in the hands of countries that are the heart of their mission. We elect our representatives to assume their government responsibilities. Companies aren’t elected and should not be going in this direction.”
The news comes after Congress wrote a letter to the US Federal Reserve, seeking to get answers on how the Central Bank would feel about developing a dollar cryptocurrency. The letter, which was addressed to the Fed Chairman stated:
“We are concerned that the primacy long term use of cryptocurrency could be in jeopardy from the wide adoption of digital fiat currencies. Internationally the Bank of International Settlements conducted a study and found out that over 40 countries around the world have developed or are looking into developing a digital currency.”
Now that congress is opening up with how it truly feels about cryptocurrency, Apple has too.
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