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Tim Cook of Apple Says Companies Like Facebook Should Not Create Cryptocurrencies



Tim Cook shot a very subtle picture on Facebook in an interview published Thursday.

Cook said that Apple will not launch cryptocurrency to compete with other tech giants who are doing the same.

There is a limit to what private companies should try, according to Cook – and he believes the creation of a new currency crosses that line.

"I really think the currency should remain in the hands of countries. I don't like the idea of ​​a private group that creates a competing currency," he said in an interview with Les Echos.

In July, Facebook announced that it would create a new cryptocurrency called Libra through a partnership with more than two dozen other companies. Scales should be in place by June 2020, but they have already been met with scrutiny by regulators and privacy advocates, who are still going through the latest scandals on the social network. Some lawmakers have even called for Facebook to stop phasing out cryptocurrency altogether.

In contrast, Cook described the creation of new cryptocurrencies as a step too far for mass technology companies.

"A private company should not be seeking to gain power in this way," he said.

In the past, Apple found itself open to entering the cryptocurrency space. Jennifer Bailey, vice president of Apple Pay, told CNN in September that Apple was "watching the cryptocurrency", adding that "we think it has interesting long-term potential."

A Facebook spokeswoman declined to comment on Cook's remarks. Business Insider also contacted Apple for any additional comments.


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