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No to iDollars: Apple chief not interested in setting up a digital currency

Apple chief Tim Cook has weighed in against launching an Apple cryptocurrency, saying in remarks published on Thursday that companies should not be trying to gain power by establishing competing currencies.

Apple CEO Tim Cook doesn't believe companies should be setting up their own digital currencies.

Apple CEO Tim Cook doesn’t believe companies should be setting up their own digital currencies. Credit:AP

Three months ago, Facebook announced plans to launch a digital currency in June 2020, in partnership with other members of the Libra Association set up by the US tech giant to manage the project.

When asked whether Apple would follow suit, Cook told Les Echos daily newspaper it was not on his agenda.

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” he said.

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