When asked this week whether his company would be launching its own cryptocurrency to compete with Facebook’s proposed Libra digital currency payment system, Apple CEO Tim Cook told the newspaper Les Echos that there are no plans for an Apple digital currency, CNBC reports.
In addition to rejecting the idea of an Apple cryptocurrency, Cook suggested that private companies should leave currency creation to nation-states:
“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. A private company shouldn’t be looking to gain power this way.”
Some observers had speculated that Apple might be considering its own digital currency. In September, Apple Pay vice president Jennifer Bailey confirmed that her company is “watching cryptocurrency” and believes that the technology offers “interesting long-term potential.” As CNBC notes, Apple already offers various financial services, including a phone payment service and credit card.
Meanwhile, Facebook has continued to encounter resistance to its plans to launch Libra as a global digital currency payment service, as regulators around the world continue to have questions about the company’s agenda and controversial practices.