Apple’s Tim Cook Says the Company Has No Plans to Launch a Cryptocurrency

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by Bhushan Akolkar · 3 min read
Apple’s Tim Cook Says the Company Has No Plans to Launch a Cryptocurrency
Tim Cook on stage at Apple’s September 10, 2019 event. Photo: Apple Inc.

Apple’s Tim Cook has snubbed-off any plans to launch any cryptocurrency. He said that currency matters best belong to government and regulators and private organizations should stay away from it.

Although Apple is making an aggressive move in the fintech and global payments industry, the tech giant has no plans to step in the crypto space for now. Apple Inc’s chief executive officer Tim Cook recently said that his company has no plans to launch its own digital currency.

During an interview with French financial newspaper Les Echos, Cook said that matters related to currency should remain in the hands of countries and their respective governments. 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. “Currency, like defense, 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.”

Cook’s views are in a bit contraction to Apple Pay vice president Jennifer Bailey who recently said that the company is “watching cryptocurrency”. Bailey further added that cryptocurrencies are “interesting” and have “long-term potential”.

Apple’s Work In FinTech and Blockchain

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 Dail Cash rewards to the users of Apple Card and Apple Pay.

The Apple Card can be used at online stores as well as physical stores. By launching the Apple Card, the tech giant is willing to accelerate the adoption of Apple Pay, giving the company an edge in the digital wallet space.

Besides, Apple is also looking to step in the blockchain space. Earlier this year in February 2019, an SEC Filing suggested that Apple wants to explore the use of blockchain tech for sourcing of minerals. The tech giant also showed a willingness to participate in setting up the blockchain guidelines.

It clearly shows that all tech giants perceive cryptocurrencies in different ways. Facebook has been pretty aggressive with its Libra plans in the last few months but has been facing several regulatory roadblocks. Will Apple’s unwillingness to participate in the crypto industry add another spanner in the wheel on Facebook’s Libra project?

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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