Soon after Facebook announced that it will be entering into the domain of digital currency with Libra, other tech titans are soon to follow. However, Apple CEO Tim Cook said the companies must not compete with governments by launching their own currencies, in an interview with Les Echos a French Financial Newspaper company. He added, ‘I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency. A private company shouldn’t be looking to gain power this way’.
This comment by Tim threw Apple’s die-hard fans off course because a month ago Jennifer Bailey, VP Apple Pay said that the company is set to dive into the domain of cryptocurrency and believes it is interesting and has ‘long term potential’. We can agree that Tim has put an end to the discussion for good.
Speaking with Les Echos, Tim added, like defence, currency should remain in the hands of the government. “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 for this”.
Previously, Facebook’s attempts to jump into the territory of cryptocurrency was put to an abrupt end when France and Germany guaranteeing to ban from operating in Europe.
Apparently, Facebook had already announced its plans to launch the cryptocurrency in June 2020, in collaboration with member of Libra Association. Libra Association have names like Visa, Mastercard, and Paypal.