Apple Inc. Has No Plans Of Launching A Digital Currency

Apple Inc. Has No Plans Of Launching A Digital Currency
Written by:
Michael Harris
4th October 2019
Updated: 11th March 2020

It has been more than three months that Facebook announced its plan of launching a new digital currency by the name of Libra. The Libra Association has already been established under the name of Facebook that comprises of a team that is dedicatedly working on the launch of Libra. As per the recent reports, the tech giant will be introducing the digital currency to the world somewhere in the second half of 2020.

Apple’s CEO Breaks Silence On The Plans Of Launching A Digital Currency

The ever-rising rivalry of the tech giants is certainly not unheard of. Following Facebook’s plans of launching a new digital currency, all eyes were set on Apple to accentuate if it has any similar plans to compete with its staunch rival. While there had been silence for the past few months from Mr. Tim Cook, the current Chief Executive of Apple, it has finally been broken by his remarks on Thursday, October 3rd 2019.

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Mr. Cook has verbalized his opinion that the use of digital currencies to establish power in the market must not be the goal for the companies. He has formally cleared his stance that there are currently no plans for Apple Inc. to launch a digital currency of its own. Mr. Cook has openly favored the traditional idea of keeping currencies under the control of governments, regulatory authorities, and countries as a whole. He has expressed his discomfort towards the freedom for private companies to introduce their own, competing currencies in the market.

Europe’s Stance On Libra Cryptocurrency By Facebook

Ever since Facebook made an announcement about its plan of introducing a new digital currency, it has been faced with strong skepticism from the political as well as the regulatory bodies from across the globe. Countries like France and Germany have already expressed their concerns regarding Libra and have stated that its operations will be blocked within the territory of Europe.

The anticipation for Apple to come forward with a similar plan of launching a digital currency was fueled last month by a CNN Business report that claimed an Apple Executive to have stated that Apple is watching the Crypto market. Furthermore, it wouldn’t have been the first time for Apple to have stepped into the market of financial services. With its services like phone-based payment system, Apple Inc. is well-accustomed to making financial management more convenient for its loyal users. As such, if a tech giant other than Facebook could have worked on developing a new digital currency, it was only rational to think of Apple to take on that endeavor.

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