Wednesday, April 8, 2020

Apple CEO takes an anti-crypto stance, believes money must remain in the hands of the government

The Takeaway:

Apple CEO, Tim Cook, said that he is against the idea of private companies launching private digital coins. He thinks money, like defense, must remain in the hands of the government. Tim Cook also denied that Apple is not going to launch any cryptocurrency.

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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. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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