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Tim Cook announces Apple plans to create its own cryptocurrency

Cryptocurrency technologies more and more firmly enter our lives. Some companies hinder to use cryptocurrencies, others, besides this, create their own ones.

Since June this year, Facebook introduced Libra , and a question arised whether Apple plans to do the same?

CEO of Apple, Tim Cook, believes private companies should not perform functions of the state. In an interview with Les Echos, he said that private issues which should be handled by companies are to be separated from the state affairs. So, in his opinion, defense and finance should be in hand of state authorities. Private companies should not compete with states in monetary policy. And cryptocurrencies are not what the company is currently doing.

“I am deeply convinced that money should stay in the hands of the state. I don’t like the idea that a private group can compete with state currency. Private companies should not strive for power in this way. Money, like defense, must remain the prerogative of states, that’s the core of their mission. We choose our representatives for adoption of government responsibilities. Companies are not elected, and they should not go in this direction, ” said Tim Cook.

Tim Cook with remote on the stage

This means that the corporation is not going to deal with developing its own cryptocurrency.

And although many agree with the statement that money should be a state affair, the distrust of banks and other traditional methods of storing savings keeps growing. That increases interest in alternative investment methods, such as cryptocurrencies.

Apple seeks its market share with such players, like Visa, Mastercard and PayPal. Because Tim Cook supports the development of its own credit Apple Card and the implementation of its solutions for. Payments through Apple Pay. And although with their help there is no way to buy cryptocurrencies, casino gaming chips and lottery tickets, as well as betting on sweepstakes, Apple Pay vice president Jennifer Bailey says the company is “overseeing cryptocurrency”. “We believe that this [cryptocurrency] is interesting and it has long-term potential.”

Tim Cook: ” We are thinking of developing in several countries. Apple needs to rely on local partners. We do not intend to become a bank. In the United States, 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.”

date of publication icon 05 Oct 2019 icon of time needed to read the article 2 min read