Tim Cook

Facebook should not create cryptocurrency: Cook

Cook said Apple will not launch a cryptocurrency to compete with other tech giants who are doing the same.

There’s a limit to what private companies should attempt, according to Cook — and he believes creating a new currency crosses that line.

“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,” he said in an interview.

Facebook announced in July that it will create a new cryptocurrency called Libra through a partnership with more than two dozen other companies. Libra is set to roll out by June 2020, but has already been met with scrutiny from regulators and privacy advocates still tottering from the social network’s recent scandals. Some lawmakers have even called on Facebook to stop its work on the cryptocurrency altogether.


Lindsay Benjamin

Between blockchains and the unregulated sector, cryptocurrency has come a long way already. For it to be integrated into the normal economy, there is still a lot of ground to cover. Lindsay understands this and conveys the fluctuations in the cryptocurrency markets and new developments.

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