Apple CEO Tim Cook Criticized Facebook on Introducing A New Digital Currency

In a recent interview, Tim Cook took a not-so-subtle shot on Facebook by criticizing the social media giant on their new venture to introduce cryptocurrency. For those who are not aware, Facebook is the first company that is involved in introducing their new digital currency but many others are also doing the same.

Tim Cook stated that power must not be gained by tech companies using these tactics. He further added that Apple will not introduce cryptocurrency just because other tech groups are doing it. In short, he said that just because the company is doing something does not mean that the other one is obliged to follow their footsteps.

Facebook announced the creation of its new cryptocurrency named “Libra”. Libra is all set to be released by June 2020 with the partnership of more than dozens of companies. Despite the efforts by Facebook, it is facing scrutiny by the privacy and security advocates, thanks to the previous privacy scandals it has faced!

Tim Cook presented his view that making currencies must be the area of governmental authorities only and no private company should get themselves involved in this process.
"Money, like Defense, must remain in the hands of States, 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 on this ground.", said Apple's CEO.
Facebook has mentioned that the new venture might pour long-term potential on the company but that is yet to see.

Photo: Getty Images

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