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Apple states it has no interest in developing its own cryptocurrency

By Lawrence Gash

Tim Cook thinks the monetary system should be left to governments.

Apple states it has no interest in developing its own cryptocurrency

CEO of Apple (AAPL) Tim Cook has stated that the company has no interest in developing a cryptocurrency, Decrypt reports.

In a new interview with Les Échos, a French financial newspaper, Cook outlined his belief that corporations should leave the monetary system to states and not to corporations.

Last month VP of Apple Pay, Jennifer Bailey stated:

“We’re watching cryptocurrency … We think it’s interesting. We think it has interesting long-term potential, but we’re primarily focused on what consumers are using today.”

The payments section of one of the world’s largest companies, unveiled the Apple Card this Summer. The card was developed in conjunction with Goldman Sachs and is a fee-less titanium debit card that users can link to their Apple Pay accounts.

While Apple might want to challenge banks and develop new payment systems but is seemingly not interested in competing with states.

Cook stated:

“I seriously think money needs to stay in the hands of nation states. I am not comfortable with the idea of a private group creating a competing money. A private enterprise doesn’t have to strive for power like this. Money, like national defense, needs to remain the domain of nation states, it’s at the heart of their mission. We elect our representatives to undertake government responsibilities. Businesses or private groups are not elected, they don’t have to enter this field.”

Facebook is spearheading the effort of private entities to develop alternative methods of exchange. Its 28-member Libra Association lost its first member this week, with PayPal dropping out citing concerns over regulatory scrutiny.

States themselves are increasingly interested in developing their own digital currencies. In September the Finance Ministers of France and Germany announced their intention to prohibit the introduction of Libra throughout Europe and encouraged the ECB to develop its own digital currency.

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