Tim Cook on cryptocurrency: "A private company shouldn't be looking to gain power this way."

Tim Cook at the iPhone 11 Pro event
Tim Cook at the iPhone 11 Pro event (Image credit: Apple)

What you need to know

  • Tim Cook doesn't think a private company should set up cryptocurrency.
  • Cook has dispelled any potential rumor that Apple might look to compete with Facebook in the market.
  • He believes that currency should remain in the hands of government.

Tim Cook has expressed his firm views on cryptocurrency, as he continues his European tour this week. Speaking to French newspaper Les Echos and first reported by CNBC, Tim Cook expressed discomfort at the idea of a private company creating a cryptocurrency. According to their report

When asked whether Apple would follow suit, Cook told Les Echos daily newspaper it was not on his agenda."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," he said."A private company shouldn't be looking to gain power this way."

The report notes a CNN article from September where Jennifer Bailey, VP of Apple Pay said "We're watching cryptocurrency", describing it as "interesting" and having "long-term potential".

Clearly now it seems she may have meant they were "watching cryptocurrency" with some disdain. Whilst many thought Bailey's comments could have signalled Apple's long term ambition to swipe a slice of the cryptocurrency pie, this latest story does appear to reveal that this is definitely not the case. Coming just 3 months after Facebook announced its cryptocurreny Libra, this is probably as close as we will get to a direct comment from Apple on the move from the social media giant.

As reported by MacRumors, Cook also discussed other topics with the outlet including immigration, journalisam and fake news:

According to Cook, while the internet has brought "many positive things," fake news is one negative. From a translation of the original interview: All of us lovers of democracy and freedom must think that separating the false from the true is the basis of freedom. Quality journalism is the foundation of every democracy and an open and free press is essential. Cook also spoke about a topic that he's covered many times in the past - privacy. He reiterated his belief that Apple customers are not Apple's product, and that Apple will not sell customer data. "At Apple, we will never treat you as products but as customers with dignity and respect," he said.

So there you have it. Apple's will not be joining the cryptocurrency fray anytime soon, perhaps maybe never... at least not on Tim Cook's (Apple) Watch.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design. Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9