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Tim Cook: Apple Is Not Going to Issue Its Cryptocurrency
October 04  |  2 min read

Apple CEO: Private Companies Should Not Rival Governments Through Issuing New Currencies

The COIN360 Editorial Team

In a recent interview with French news outlet Les Echos, Tim Cook, Apple CEO, spoke against the ongoing trend of issuing proprietary cryptocurrencies that is popular among private companies. Responding to a question if Apple is planning to issue its own cryptocurrency, Tim Cook answered:

“No. I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way.”

Tim Cook also stressed that, in his view, the power to issue money should remain a governmental prerogative.

“Money, like Defense, must remain in the hands of States, it is at the heart of their mission. We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go on this ground,” – he explained.

While Tim’s latest comments do not directly mention Facebook and the Libra project, they come at a time when the led company Mark Zuckerberg is struggling to obtain the necessary regulatory approval to release the Libra currency. Previously, Libra Association executive Bertrand Perez shared that a lot of “work” had to be done to meet regulatory requirements.

Nonetheless, as COIN360 reported yesterday, the Libra Association has already published a roadmap with 4 key milestones for the Libra Mainnet.