In an interview with a French-based media outlet Les Echos on Friday, Tim Cook explained that Apple has no plans of coming up with its own digital currency or tokens. Cook argued that currency is something that should "stay in the hands of states".
I am not comfortable with the idea that a private group creates a competing currency. Cook suggests that while private companies can enter the payment business, creation of money should not be part of their goals.
In the past, Apple has appeared open to entering the cryptocurrency space.
"Money, like defence, ought to remain in the hands of the state-it is at the heart of its mission".
"We elect our representatives to assume their governmental responsibilities". "This issue is a moral one: Our country made a deal with a highly vulnerable population interested in a bright future, and we should keep that deal".
Despite Tim Cook's stand on cryptocurrencies, the world is not stopping and more companies are taking the crypto sphere more seriously. The Libra road has been significantly rough however, as U.S. Congressmen have not been very supportive about allowing Facebook to wield that much power. This move aimed at driving more users to the Apple Pay service. In an interview with weekly news magazine Stern, Cook talked local developers, iPhone pricing, and Apple TV+.
Apple has quietly been lobbying the halls of Congress on various aspects beneficial to Fintech and big tech - a group of businesses that are moving quickly into financial services.
However, Cook says No reasonable person would ever call Apple a monopolist and points out that people can access content through their browser without approval from Apple (which tries to curate content to make the App Store a trustworthy place to buy apps). The company is now looking for banking partners around the world to launch the card in different countries. It needs to rethink the credit card.
Cook also said Apple does not intend to become a bank but that belies the bank like services the tech firm is already offering to hundreds of millions of users.