Apple CEO Tim Cook Rejects Any Crypto Plans for the Company

Tech organizations across the globe have been accelerating their progress in the global payments industry. Companies are exploring news ways to make global payment transactions cheaper, faster and convenient for the global citizens.

Some organizations have also been exploring the role that digital assets and cryptocurrencies can play along with the underlying blockchain technology.

During a recent interview with French media magazine Les Echos, Apple CEO Tim Cook said that his company has no plans to delve in the crypto space. Cook hinted that Apple would like to refrain from any currency-related matters and leave this job to the government.

Furthermore, Cook said that according to him private companies shouldn’t be competing with states in matters related to monetary control. He said: “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.”

Talking about private companies pursuing crypto projects, Cook seems to be taking a dig at Facebook which has been working aggressively for the launch of its Libra cryptocurrency over the last few months.

However, Facebook has made any little progress in convincing U.S. and U.K. lawmakers about this project. It seems that learning from Facebook’s experiences, Apple doesn’t want to waste its monetary and human resources in engaging discussions with the regulators.

Besides, Cook also said that governments and regulators are best agencies to work on money matters. He added: “Money, like Defense, must remain in the hands of States, it is at the heart of their mission. We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go on this ground”.

Tim Cook’s views are bit in contradiction with what Apple Pay Vice President Jennifer Bailey said a few days back in conversation with CNN journalist Christine Romans. Bailey said: “We’re watching cryptocurrency. We think it’s interesting. We think it has interesting long-term potential.”

Although Apple might not be interested in crypto projects at this stage, it is working aggressively working towards making its space in the digital payments industry. In August 2019, the tech giant launched its Apple Card to boost its Apple Pay services. Apple is looking to take on important players like PayPal, Venmo, Square Cash and other in the digital payments industry.