Apple CEO, Tim Cook, has become the latest to speak out on the growing trend of private companies working on the issuance of currencies (crypto), a role he believes should belong exclusively to the government.
Tim Cook revealed in a recent interview with French news publication, Les Echos, that Apple would not go down the same path of their counterparts at Facebook who are preparing to launch the Libra currency.
Regarding the reason for their decision to stay out of that playing field, Tim Cook reportedly said,
“I deeply believe that money must remain in the hands of states. 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.”
The Apple CEO also compared the power to issue money with the Defense role, which is, until now, delegated to government by citizens who vote them at elections.
“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,” Tim Cook said in the interview.
Understandably, while Tim’s latest comments do not directly mention Facebook and project Libra, they come at a time when the Mark Zuckerberg led company is trying to obtain the necessary regulatory approval to release the Libra currency.
Libra, as we reported, is currently subject to intense regulatory scrutiny both in the U.S and abroad, despite recent assertions by project lead, David Marcus, that the product will go live next year.