We’ve wanted to get some insight on other big silicon valley companies for a while now in regards to the upcoming stablecoin from Facebook, Libra.
Well today, we finally got some of that insight as the Chief Executive Officer from Apple, Tim Cook was recently interviewed by the French news site, Les Echos and the results of said interview was released today.
Cook argued that currency is something that the states should deal with, not the people. The Apple exec went onto say that he isn’t comfortable with “the idea of a private group setting up a competing currency”, seemingly referencing Libra and the amount of massive corporate firms that are backing Facebook in this endeavour.
After being asked whether Apple is planning to create a currency, Cook said:
“No. I deeply believe that money must remain in the hands of states. I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way. Money, like Defense, must remain in the hands of States, it is at the heart of their mission. We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go on this ground.”
This is a similar view to that of regulators. As reported by Ethereum World News:
“[They] believe that the issuance of money should be something only meant for governments and their respective central banks. At a recent event of central bankers in Basel, many monetary leaders argued that stablecoins, like Libra, could have a damaging effect on the economy — echoing Cook’s concern.”
The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space.
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