Apple CEO Cook: We will not follow Facebook's cryptocurrency

According to Cointelegraph's October 4 report, Apple CEO Tim Cook said that Apple has no intention of emulating Facebook to create its own digital currency. Screen Shot 2019-10-04 at 11.20.33 PM

(Source: Coindesk )

Cook said that Apple will not create digital currency

On October 4th, Tim Cook accepted an interview with the French media magazine Echo. When asked if Apple might issue his own digital currency, Cook said:

Will not. I am convinced that money should continue to be in the hands of the state. I don't agree with the idea that private entities can create a competitive currency. They don't need to gain power in this way.

Cook’s remarks may be a sarcasm for Facebook. Facebook is developing a stable currency payment program called Libra and plans to launch it in 2020.

In the payment field, Apple has not embarked on the road of supporting cryptocurrency, but has been working to build a legal currency payment system through Apple Pay and Apple Card, so that payment can run smoothly on its equipment.

Currently, Apple is competing for market share with companies such as Visa, MasterCard and PayPal through Apple Pay. All three companies have signed up to participate in Libra. However, this week there is news that they may be considering withdrawing from the project.

The government should control the currency

Cook’s remarks differ from Apple Pay’s vice president Jennifer Bailey, who said last month that the company is “focusing on cryptocurrencies” and added:

We think cryptocurrency is very interesting and we think it has long-term potential.

In addition to conflicts with Apple Pay executives on cryptocurrency interests, Cook may also provoke supporters of cryptocurrencies because he believes the government should control the currency.

Those who support decentralized cryptocurrencies like Bitcoin have been criticizing the corrupt supply of money by the state and the central bank and the way they support the law.

For Cook, the government is the right guardian of economic tools. He pointed out:

Money, like national defense, should be in the hands of all countries. This is their core mission. We elect representatives to let them assume the responsibility of the government. Enterprises are not elected, they should not follow this path.

Apple has been quietly working on blockchain projects behind the scenes. In February of this year, Apple filed a document with the Securities and Exchange Commission (SEC) stating that Apple was involved in the drafting of the Blockchain Guidelines for the Responsible Business Alliance (RBA). The alliance seeks to use the blockchain for due diligence in the mineral supply chain.

Cointelegraph reported on September 7 that Twitter and Square CEO Jack Dorsey said the company has not yet launched a platform-specific "Twitcoin" cryptocurrency plan, and he will focus on promoting Bitcoin.