Tim Cook Stays Clear of Digital Currency: A Stand Against Private Mints

Tim Cook’s Firm Stance on Currency Creation

In a candid discussion with French media outlet Les Echos, Apple CEO Tim Cook made it clear that the tech titan has no desire to dabble in the realm of digital currency. When asked about the prospect of Apple launching its own cryptocurrency, Cook decisively said, “No.” His stance seems to clash with some of the tech industry’s current trends, particularly those exhibited by companies like Facebook, which is forging ahead with its Libra digital currency.

Why Cook is Uncomfortable with Private Money

In a world increasingly influenced by tech firms, Cook articulated his belief that currency should be under the purview of governments, not profit-driven companies. He stated, “I truly think currency should remain in the hands of the state. I’m not comfortable with the idea that a private entity can create a modern currency.” This perspective diverges from the growing interest of tech companies like Facebook in creating their own money systems. After all, currency impacts everyone and, Cook believes, should be regulated by elected officials.

Apple Pay vs. the Crypto Titans

While Cook distances Apple from digital currencies, especially ones created by private entities, the company is still very much in competition within the payments arena. Apple Pay is vying for a significant slice of the digital payment pie—mainly against industry stalwarts like Visa, Mastercard, and PayPal.

• Apple Pay – Seamlessly integrates with Apple devices.
• Visa – A veteran of international payments.
• Mastercard – Known for its broad merchant acceptance.
• PayPal – Offers a comprehensive online payment system.

Interestingly, even Visa and Mastercard are now allied with Facebook’s Libra project, though recent reports suggest they may reconsider their involvement.

Timing and Contentious Perspectives

Cook’s remarks arrive at a time when the cryptocurrency landscape is fraught with volatility and contention. While many support decentralized currencies like Bitcoin, arguing they can operate free from government interference, Cook believes this could lead to chaos. His analogy likens currency to defense, suggesting that both should ultimately be handled by governmental authorities. He reiterated that the role of government is to manage these critical economic tools, akin to soldiers guarding the gates.

The Future Landscape: A Tech-Driven Currency?

Interestingly, this dialogue about currency isn’t confined to Apple. In a similar vein, Jack Dorsey, the CEO of Twitter and Square, also expressed skepticism about launching a platform-specific cryptocurrency, vowing instead to support Bitcoin. This serves as a reminder that conversations about the future of digital transactions are complex and multifaceted, filled with hype yet also rooted in foundational principles about what money should be.

“Currency, like defence, should remain in the hands of states — it’s at the heart of their mission.” – Tim Cook