Why Apple CEO Tim Cook hates cryptocurrency

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Tim Cook earnings apple
Tim Cook likes his currency the old-fashioned way.
Illustration: Ste Smith/Cult of Mac

Apple is rapidly growing the list of services it provides to its customer base. Just don’t expect a cryptocurrency to come from Cupertino on Tim Cook’s watch.

The Apple CEO made his feelings crystal clear in an interview with a French newspaper published today.

“I deeply believe that money must remain in the hands of states,” Cook said in a wide-ranging interview with LesEchos. “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. 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.”

Cook has spent the week in Europe and has discussed a range of topics with reporters. His comments come as Facebook struggles to get buy-in with its planned cryptocurrency, Libra.

Some initial backers, including Visa and MasterCard, are said to be getting cold feet as Libra faces an uphill battle with lawmakers from several countries.

Cook this week was promoting its Apple-branded credit card, hoping to bring it to more countries. Apple does not allow its cardholders to use it to purchase cryptocurrency.

“Apple needs to rely on local partners,” he said about Apple Card coming to France. “We do not intend to become a bank.”

Source: c/net