Friday, October 4, 2021

Apple has no Plans To Develop Crypto Coin, Says CEO Tim Cook

Tim Cook, chief executive officer at Apple, in an interview with French financial newspaper Les Echos, published Friday, said that tech giant has no interest in developing its own cryptocurrency.

In response to a question about Apple intentions to launch a cryptocurrency Tim Cook said:

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

He added that money is like a defence and it should be in the hands of state.

As Facebook announced its cryptocurrency project Libra in June 2019, there were rumours that other tech giants like Apple might also thinking about their own crypto projects. On September 5, 2019, Jennifer Bailey, vice president at Apple Pay, in a CCN event, said that Apple is thinking about cryptocurrencies but not completely focused on it and customer should not expect something very soon. She, in that event said:

We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today.”

Apple entered in mobile payment market with launch of Apple pay in 2014. Taking a step forward, in August 2019, it also launched Apple card in partnership with Goldman Sachs, an American multinational investment bank and financial services company headquartered in New York City.

Apple Card is the newest way to pay with Apple Pay. Apple has so far limited the exposure of cryptocurrencies to both itself and its users, including removing fake cryptocurrency apps from the App Store as well as banning cryptocurrency mining apps altogether on iOS devices. Although, wallets and exchanges like Coinbase are permitted but still Apple card doesn’t allow user to buy crypto assets.

Until now Apple card is available only in the US but Tim Cook said that Apple intends to make it global. They are finding a agile retail bank in to bring Apple card in France.

It seems companies know the potential of cryptocurrencies but they are looking towards Libra. If Libra is able to launch, it could revolutionize the crypto space. But looking at the current position of Facebook’s Libra, companies are in wait and see mode.

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Apple has no Plans To Develop Crypto Coin, Says CEO Tim Cook