Apple Exec Says Cryptocurrency Has ‘Long-Term Potential’

While there is no concrete plan to make any specific crypto moves, an Apple Pay executive has just confirmed that the company is paying attention to the sector.

According to a new report from CNN, Jennifer Bailey, vice president at Apple Pay, revealed at a private event last week that Apple is “watching” cryptocurrencies with interest

“We think it’s interesting,” Bailey said in an interview last week at a private CNN event in San Francisco. “We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today.”

Apple has never before been tied to any cryptocurrency projects, so the fact that the company’s Apple Pay head has said the company is interested in the virtual currency should excite those who hope cryptocurrencies go mainstream one day. However, as Bailey said, people shouldn’t expect a cryptocurrency product from Apple anytime soon.

Bailey also said that cryptocurrencies and QR code-based systems could be used as alternatives to credit cards.

“If you look at QR code payment solutions, if you look at the long-term potential of cryptocurrency, I think you’ll continue to see that change over time,” she said.

A number of technology companies have been much more vocal than Apple in regards to cryptocurrency. Facebook said earlier this year it is planning to launch a cryptocurrency, libra, in 2020 with a consortium of partners including Visa, Stripe, Paypal, Uber and Spotify.

Apple currently doesn’t allow cryptocurrency miners in its App Store platform, although wallets and exchanges like Coinbase are permitted, and the Apple Card can’t be used to purchase cryptocurrencies.