Apple has no plans to launch cryptocurrency, says CEO Tim Cook
October 4, 2019, 4:50AM EDT
1 min read
Tim Cook, the chief executive officer of tech giant Apple, has said that the company is not intending to launch its own cryptocurrency.
“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 in an interview with French financial newspaper Les Echos, published Friday.
Last month, Apple Pay vice president Jennifer Bailey said that the company is “watching cryptocurrency,” thinking it is “interesting” and that it has “long-term potential." But Cook seems to have put that notion to rest.
He said: "Currency, like defense, needs to stay in the hands of countries, that’s the heart of their mission,” adding: “We elect our representatives to assume their governmental responsibilities. Companies aren’t elected and should not be going in this direction.”
Apple, however, has been exploring blockchain technology. Earlier this year, the giant outlined its goal of responsible sourcing of minerals via blockchain by setting up some guidelines.
As cryptocurrencies become increasingly mainstream, regulators, the media and policymakers are paying more attention to the financial crime risks associated with them. But what are the biggest compliance challenges crypto firms face, and what does a best practice AML program look like?
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.