Apple CEO Tim Cook confirmed toLes Echoson Thursday that the American smartphone giant won’t be taking steps to develop its own cryptocurrency.
As the Facebook debacle continues, mainstream media has been left to speculate on who next will wade into the murky waters of decentralized payment systems.
When asked how Apple would respond in the wake of Facebook’s attemptedLibralaunch, Cook responded:
“No. I deeply believe that money must remain in the hands of states… Money, like Defense, must remain in the hands of States, it is at the heart of their mission. ”
The Libra Association is already under pressure as two of its major backersVisa and Mastercard consider calling it quitsthanks to continued pressure from regulators .
Apple Not Willing to Dip It’s Toes in the Crypto Waters
Despite adrop in global smartphone market share shipments, Apple still remains a prime target for cryptocurrency adoption.
Samsung , who leads global share numbers by some margin, is already developing a number of decentralized currency solutions for its range of phones. Thesmartphone crypto wars are upon usand Apple is just sitting on the sidelines.
Cook launched an alternative fintech solution, Apple Card, earlier this summer in the US It hasn’t, however, been brought to other mainstream markets yet. When asked if he would launch additionally in France, he said:
“We are thinking of developing in several countries. Apple needs to rely on local partners. We do not intend to become a bank. In the United States, we work with Goldman Sachs ”
Goldman Sachs isreportedly eyeing crypto itself– a move would possibly put the iPhone maker and its fans in a difficult spot.
Crypto remains a universal option while Apple Card will have to rely on banks in each individual country.
Privacy Issues Still Loom Large for US Companies
Over-regulation in the U.S. continues to hinder large organizations like Apple from innovating in the crypto space.
The Justice Department, for example, is actively pursuing access to users private WhatsApp messages.
Cook appears not to want to go toe-to-toe with the authorities in light of the recent push-back against Facebook. Apple has already had to deal withgovernment backdoor requestsin the past.
Asian manufacturers have a sizable lead in cryptocurrency research and if market share numbers continue to dwindle, Apple may have no other choice but to take the plunge itself.
Last modified ( UTC): October 4, 2019 11: 20 AM
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