Tim Cook Confirms That Apple Will Not Launch Its Own Cryptocurrency

Tim Cook Confirms That Apple Will Not Launch Its Own Cryptocurrency

Apple Inc chief executive Tim Cook has weighed in against launching an Apple cryptocurrency, saying in remarks published on Thursday that companies should not be trying to gain power by establishing competing currencies.

"We elect our representatives to assume their governmental responsibilities". Companies are not elected, they do not have to tread this ground. However, as earlier reported by Reuters, the Apple Card would not allow users to purchase cryptocurrencies. At the time of the launch of the Apple Card, the company had made it quite clear that the card will not support functions like buying bitcoins and other cryptocurrencies. "We think it has interesting long-term potential".

Moreover, he took a dig at Zuckerberg's most prized possession by remarking that it is wrong for private companies to assert power in this way.

Tim Cook's opinion on money and how it should only be controlled by governments is spreading among other services offered by Apple such as Apple Pay, which apparently will not be adding cryptos anytime soon.

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"As such, there's no new money creation, which will strictly remain the province of sovereign Nations", Marcus concluded in an effort to debunk this notion that Libra is a threat to national currency sovereignty, and as Cook believes, is a new form of currency.

In February, the Cupertino - California-based firm - submitted a filing with the Securities and Exchange Commission (SEC) that mentioned Apple's involvement in the drafting of "Blockchain Guidelines" for the Responsible Business Alliance's Responsible Minerals Initiative. The company is now looking for banking partners around the world to launch the card in different countries. In an interview with weekly news magazine Stern, Cook talked local developers, iPhone pricing, and Apple TV+. "He needs to rethink the credit card".

Even though consumers seem to have a positive opinion about Apple's latest hardware, software and service offerings; it might have a rocky road ahead due to fierce competition, issues like the splitting of large companies and criticism from the U.S. supreme court which was previously mentioned.

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