Apple's Tim Cook Says 'No' to Libra-Style Corporate Currency

Neil Dennis

Apple, it appears, will not be going down the Facebook route and launching its own cryptocurrency - at least while Tim Cook remains at the helm of the iPhone manufacturer.

Cook, who took over as chief executive of the mega-cap tech firm in 2011, said in an interview published by Les Echos on Friday that he was a firm believer that money should remain in the hands of states and was not comfortable with the idea that a private company should create a competing currency.

Libra Announced

In June, Facebook unveiled its intention for a 2020 launch of the Libra cryptocurrency - along with its partners in the project. The announcement unleashed the ire of government officials, central bankers and regulators around the world - their concerns focused on Libra's threat to the sovereignty of national currencies.

Cook agreed with this sentiment. He said:

A private company does not have to seek to gain power in this way. Money, like defence, 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.

Apple Card Strategy

Apple's payments strategy lies down the more traditional path of the credit card, with the launch of the Apple Card during the summer. Cook said the scheme would be developed in several countries so long as reliable financial services partners could be found. He concluded:

We do not intend to become a bank. In the US we work with Goldman Sachs. In France we need to find a retail bank that is particularly agile. The world does not need a new credit card. It needs to rethink the credit card.

 

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