CEO Tim Cook Says Apple Has No Plans to Launch a Cryptocurrency

Apple CEO Tim Cook has expressed his firm views on cryptocurrency.

Speaking to French newspaper Les Echos and first reported by CNBC, Tim Cook expressed discomfort at the idea of a private company creating a cryptocurrency.

Back in September Apple Pay VP Jennifer Bailey talked about cryptocurrency, saying: “We’re watching cryptocurrency. We think it’s interesting. We think it has interesting long-term potential.” But today, Mr. Cook said that Apple has no plans to create its own cryptocurrency:

No. 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[…]Currency, like defence, needs to stay in the hands of countries, that’s the heart of their mission[…]We elect our representatives to assume their governmental responsibilities. Companies aren’t elected and should not be going in this direction.

Whilst many thought Bailey’s comments could have signaled Apple’s long term ambition to swipe a slice of the cryptocurrency pie, this latest story does appear to reveal that this is definitely not the case. Coming just 3 months after Facebook announced its cryptocurrency Libra, this is probably as close as we will get to a direct comment from Apple on the move from the social media giant.

Although cryptocurrency might not be on Apple’s list anytime soon, the company is making major moves in the Fintech space. Apple cites a huge opportunity in the global payments industry and is working to push its Apple Pay services in the market.

In August 2019, the tech giant launched Apple Card in partnership with banking giant Goldman Sachs and payment services giant MasterCard. To compete against existing market players like PayPal, Square Cash, and Venmo, Apple offers Daily Cash rewards to Apple Card users.