Apple is not launching a cryptocurrency like Facebook’s Libra anytime soon, according to CEO Tim Cook.
He made the statement during an interview with the French newspaper Les Echos.
When being asked about a potential Apple token, Cook answered, ““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 added, “A private company should not be looking to gain power this way.”
The news comes about a month after Jennifer Bailey, vice president of Apple Pay, told CNN that the tech titan was “watching cryptocurrency.”
She added, “We think it’s interesting. We think it has interesting long-term potential.”
While this caused some speculation that Apple would soon launch its own token, Cook has seemingly put this idea to rest for now with his statement.
In the meantime, Facebook has been facing increasing scrutiny for its own cryptocurrency project.
One of the people concerned about Libra is the French finance minister Bruno Le Marie who warned Facebook’s token put the sovereignty of countries monetary policies at risk.
Benoît Cœuré, executive board member of the European Central Bank, told the German Bundestag in September that stablecoins like Facebook’s Libra initiative is cause for concern regarding privacy, data protection, money laundering and terrorism financing.
At the same time, he noted that digital currencies like Libra could make it easier for people to transfer money quicker across borders.
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