Tim Cook says Facebook Should Not Attempt to Release Libra


Tim Cook took a shot at Facebook's plan for a crypto-currency in an interview published Thursday.

Tim Cook, CEO of Apple said the company will not launch a cryptocurrency to compete with other tech giants who are doing the same.

"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," he said in an interview with Les Echos.

Despite a great reluctance of every country and financial regulator to accept the idea of Facebook launching a crypto-currency, Libra is set to roll out by June 2020. Some lawmakers have even called on Facebook to halt its work on the cryptocurrency altogether."

A private company shouldn't be looking to gain power this way," he said.

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Economics, Finance and Investing