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.
By contrast, Cook framed the creation of new cryptocurrencies as a step too far for massive tech companies.
“A private company shouldn’t be looking to gain power this way,” he said.
In the past, Apple has appeared open to entering the cryptocurrency space. Jennifer Bailey, vice president of Apple Pay said in September that Apple was “watching cryptocurrency,” adding that “We think it has interesting long-term potential.”
A Facebook spokesperson declined to comment on Cook’s remarks.