“A private company shouldn’t be looking to gain power this way”, this was the quick answer of the Apple CEO Tim Cook when asked about Facebook’s proposed cryptocurrency, Libra. 

Although Apple captures an enormous market audience, notably high net worth individuals – any step of Apple towards the crypto industry might quickly capture the interest of worldwide users. However, the CEO has recently clarified the company’s real stance on the crypto industry. 

While Facebook is constantly fighting against global regulators to launch its upcoming cryptocurrency Libra by 2020, Apple CEO Tim Cook thinks that the “currency should stay in the hands of countries”. Undoubtedly, Libra stabelcoin is an initiative by private players, to be managed by a group of an association called “Libra Association”, Tim Cook states that; 

“I’m not comfortable with the idea of a private group setting up a competing currency,”

Speaking in an interview with Les Echos, the French Financial newspaper, Tim’s voice was resembling the statements of Bruno Le Maire, French Minister of Economy who bashed at Libra in Mid Sept this year. As per Bruno Le Maire, Libra would put the sovereignty of governments at risk and echoing the similar concern, Tim Cook says

Currency, like defense, needs to stay in the hands of countries, that’s the heart of their mission, we elect our representatives to assume their governmental responsibilities. Companies aren’t elected and should not be going in this direction. 

On the contrary, Apple’s Pay Vice president Jennifer Bailey shared a constructive statement on cryptocurrency which created hype around Apple’s interest in the crypto industry. As per the report, Jennifer Bailey said that “the company was watching cryptocurrency”. She further stated that; 

If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time.” 

Tim’s views on the crypto industry seem contradictory to the statement of Apple Pay VP but as always it is, those who once denied cryptocurrency have also announced the launch of their own token. The blockchain and price movement of cryptocurrencies would probably lead companies to think twice – one such example is JP Morgan Chase, which announced the launch of JPM Coin and one such country is China.  

It’s worth to wait and watch the crypto space.!


Image source – Flickr

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