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.

Apple Watching Cryptocurrencies

Earlier, Jennifer Bailey, vice president of Apple Pay had told CNN’s Chief Business Correspondent Christine Romans at a private event in San Francisco that Apple is “watching cryptocurrencies”.

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Author: Dare Shonubi


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