Tim Cook, CEO of popular large tech company, Apple has shared his stance on tech companies launching their own digital currencies for public use. According to Cook, he is not in support of private organisations creating a digital currency, further going against the notion by confirming that money belongs to the government.

The Control Of Money Belongs To The Government, Not Private Organisations

According to Cook, money and defence are supposed to be controlled by the government and are not supposed to be under the control of private entities.

I am not comfortable with the idea that a private group creates a competing currency. A private company does not have to seek to gain power in this way,

He further said on the role of governments and private companies –

It is at the heart of their mission. We elect our representatives to assume government responsibilities. Companies are not elected, they do not have to go for this,” he added.

Libra Takes Another Hit, Will It Make It To The Markets?

Facebook Libra has received severe criticism since its announcement. With his statements on private companies creating currencies, Tim Cook seems to have joined the group of critics opposing Libra.

Coingape recently reported that U.S. Senate House demanded that Facebook CEO Mark Zuckerberg testify before January 2020. On the progress from the Association, Libra has planned a meeting of the initial governing council members in October. However, reportedly, leading members are getting cold feet because of the regulatory oversight on the proposed plan. MasterCard, Visa, PayPal, and Stripe Inc. have started to show signs of backing out. The involvement of firms in the October meeting will be critical for the project