Tim Cook, the CEO of Apple since 2011, recently commented on mirroring Facebook’s intention of creating a globally-adopted cryptocurrency, stating that ‘money must remain in the hands of states.’ Cook made his remarks in an interview with French news media ‘Les Echos’, where he talked about the possibility of Apple issuing its own crypto or blockchain product.
When directly asked if Apple would create a cryptocurrency or a similar product, Tim Cook replied ‘No. I deeply believe that money must remain in the hands of states.’ The statement might appear ironic to some, as the company has recently released the Apple Card, presenting it as a ‘new kind of credit card created by Apple, not a bank.’
The anti-establishment tone of the product created the belief that the company might enter the cryptocurrency sector in an effort to become an alternative to banks, however, it seems that Apple will not take that step for now.
Furthermore, he explained his stance on private companies entering disruptive fields such as cryptocurrencies. The CEO stated that he is ‘not comfortable with the idea that a private group creates a competing currency’, and that companies should not seek to gain power that way.
He went on to compare money to defense, saying that it should be in the hands of states. Additionally, he added that representatives are elected to assume government responsibilities and that companies do not go through the same process and cannot be a part of the same responsibilities.
Asked if he would bring the Apple Card to France, Cook replied that the company does not plan on becoming a bank, despite the recent success of features such as Apple Pay. The Apple Card relies on national banking partners such as the Goldman Sachs, and that he would require a ‘particularly agile’ local retail bank if he were to introduce the product to France. He then repeated his stance that ‘the world does not need a new credit card.’
The reluctance to create a crypto or blockchain product does not come as a surprise, given that the company is famous for its anti-crypto stance. While Steve Wozniak is openly supporting the new disruptive sector, investing in it, and even opening up new businesses, the rest of the company is not that keen to the technology.
When crypto enthusiasts attempted to purchase digital assets with the Apple Card, the transactions were outright denied. Shortly after, the company released an announcement, stating that the purchases were against the product’s terms of service.
Once considered as one of the most innovative companies in the world, it seems that Apple is left behind with a CEO who solely focuses on bringing moderate updates, and not entirely new products. In that regard, we will not see anything related to the crypto sector anytime soon. However, that decision may be for the better as we still have to see the impact of Facebook’s potentially disruptive cryptocurrency, which is set to launch in 2020.