Apple CEO slams Facebook’s cryptocurrency

Apple CEO Tim Cook has condemned Facebook’s cryptocurrency in an interview with French publication Les Echos.

When asked whether Apple would be launching its own currency, Cook stated that the company would not launch a similar product to Libra, as he believes currency should remain in the hands of countries, not companies.

“No. 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,” Cook said.

“A private company shouldn’t be looking to gain power this way.”

Facebook’s Libra cryptocurrency has attracted criticism from a number of prominent companies and regulators, with PayPal going as far as to withdraw its support for the digital cryptocurrency.

In a statement to The Verge, PayPal said that it was withdrawing from the Libra Association, stating that it would prefer to focus on its existing business priorities.

“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future,” the payment company stated.

The support for Libra from other payment providers is also wavering, with Stripe, Mastercard, and Visa showing hesitance around signing up to the cryptocurrency’s organising charter.

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Apple CEO slams Facebook’s cryptocurrency