Tim Cook says Facebook Should Not Attempt to Release Libra
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.