Apple CEO Tim Cook told a French news outlet Les Echos that he does not plan on launching any cryptocurrency. He opined that money should remain in the hands of states. Cook said that he is against the idea of private companies creating competitive currencies.
According to Cook, money, like defense, must remain in the hands of the elected government. He said that we choose our representatives to assume government responsibilities and companies are not elected, so they don’t have to go for this.
Facebook’s crypto project has been under constant scrutiny from all around the world. Recent reports show that regulatory issues have created a panic amongst the backers of the project. PayPal recently skipped an all-member meeting of the Libra Association in Washington. Earlier, the Finance Minister of France said that they would not authorize the development of Libra in Europe.
Tim Cook, during his speech at the inauguration of the 20th edition of the media literacy project “Il Quotidiano in Classe,” talked about various things, including the internet and climate change. He said that the internet has brought so many things but fake news in one of the negatives. He added that quality journalism and free press is essential for every democracy.