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Tim Cook – on private cryptocurrencies: “Money, like defense, should remain the prerogative of the state”

08.10.2019 0 Comments

Tim Cook - on private cryptocurrencies: “Money, like defense, should remain the prerogative of the state”


Apple CEO Tim Cook gave a voluminous interview to the French edition of Les Echos, in which, among other things, he explained why his company would never release its cryptocurrency, and also why competitors should not do this. Most likely, Cook meant primarily Libra – the stalled Facebook project.

The essence of the position of the top manager: exclusively elected representatives should deal with monetary regulation, and we do not choose companies.


“I am deeply convinced that money should remain the prerogative of states. I do not accept the idea of ​​a competing currency created by a private group. Private companies should not increase their influence in this way. Monetary regulation, like defense, should remain in the hands of the state, since it lies at the core of its mission. This task should be performed by elected representatives. Companies do not choose, and therefore they should not work in this territory, ”said the head of the largest taxpayer in the world.

In response, the journalist recalled the Apple Card and pointed out that Apple, however, is also involved in the release of financial products. Cook, however, emphasized that his company is not related to finance as such and deals exclusively with the technical side of the project, and therefore intends to enter the markets with its credit card only in cooperation with financial partners: for example, in the USA the Apple Card was launched together with an investment bank Goldman Sachs.

“Apple does not seek to become a bank and issue another credit card, we want to rethink [саму суть кредитных карт]", – said the head of the" apple "company.

In conclusion, we recall that in mid-September, the French authorities called for a ban on the circulation of Libra throughout Europe, since it threatens the "sovereign monetary security" of the states, which is the guarantee of financial security and stability, that is, their right to issue a legal tender and control the money supply. In addition to Europe, Facebook also faced active opposition from the authorities in the United States: congressmen expressed concern that the company did not provide an explanation of how it intends to ensure the legitimacy of transactions and prevent money laundering.


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