Apple VP Tim Cook Speaks Against The Launch Of Digital Currency

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The tech giant Apple which was lately interested in the launch of cryptocurrency is giving second thoughts. Tim Cook, Apple Executive sided against the launch

Written By Pragya Puri | Mumbai | Updated On:

The tech giant Apple which was lately interested in the launch of cryptocurrency is giving second thoughts. Tim Cook, Apple Inc Executive sided against the launch of Apple cryptocurrency. In his statement published by the international media on October 3, Cook said Apple should not seek to establish competing currencies in order to dominate the market space. Cook felt that the company is trying to gain power by following the footsteps of other companies those who have launched their digital currency. 
Facebook in a press release had announced three months ago its plans to launch a cryptocurrency in June 2020. Facebook collaborated with the Libra Association members and helped set up the project.  On the other hand, Tim Cook, Apple’s Vice President in his last month’s interview has acknowledged the concept of cryptocurrency as ‘interesting’ , he also added that the organization was watching out for it. In any case, it appears that Apple may change its approach with regard to the digital currency. 

Digital currency is the new power

Cook in an interview with the international daily told that Apple following a suit is not on his agenda. He said that he truly believes that a currency should remain in the hands of nations. And that he is not comfortable with the possibility of a private organization set up completing cash. He further said that private companies should not seek to gain power this way. According to international reports, Facebook for its endeavor for bringing the digital currency to the mainstream market has instigated regulatory and political skepticism around the world. Countries like France and Germany might block the Libra organization from providing its services in Europe. 

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The private organization should not intervene in Government related matters

Facebook's move drove examiners to conjecture whether other enormous innovation and technology organizations, for example, Apple, which has a scope of financial services, for example, card payments, smart-phone payment systems, will also take a step in launching a digital currency. There was an increase in speculations around the month of September after Tim Cook told international media that they are watching the cryptocurrency. However, after the recent comments by Cook, the discussion about cryptocurrency is on a halt. He said that currency is like the defense of the country and should be protected by the nations, it is a privacy concern. He added that private companies should not try to take responsibility of the elected representative. The companies are not elected by the people and should not intervene in government related matters. 

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