Tim Cook: Apple not to launch its own cryptocurrency

Posted 04 October, 2019

During a discussion about new payment systems this September, Apple Pay Vice President Jennifer Bailey announced that the company was exploring new financial technology. She called cryptocurrencies a promising phenomenon with long-term potential. As a result, many market players started thinking that Apple, like Facebook, would offer its digital currency.

However, Apple CEO Tim Cook stated Apple will not release 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.” - he said. 

Perhaps the company is wary of launching its own cryptocurrency due to negative criticism of the Facebook project. Facebook’s attempt to drag cryptocurrencies into the mainstream has since met with regulatory and political scepticism globally, with France and Germany pledging to block Libra from operating in Europe.

At the same time, Apple announced the CryptoKit toolkit for "safe and efficient cryptographic operations in the summer. 

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