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Apple Says No to Libra-like Altcoins

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Apple has joined a fast-growing group of companies that are suddenly getting cold feet about Libra-like digital tokens. The other cautious companies are reportedly some of Facebook’s biggest-name Libra partners: PayPal and Stripe, as well as Visa and Mastercard.

Reuters reports that Apple’s CEO Tim Cook stated that a Libra-like crypto-project was not in the company’s plans, and even went on to pour scorn on the Libra project.

Cook stated,

“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 also added, in a comment bound to bring cheer to regulators on both sides of the Atlantic Ocean, “A private company shouldn’t be looking to gain power this way.”

The comments come almost a month after the company’s vice president said Apple was “looking into” possible cryptocurrency operations.

Meanwhile, there have been multiple reports that Libra partners will look to end their association with Facebook’s forthcoming token.

Per a report from the Financial Times, PayPal executives failed to show up to a scheduled Libra Association meeting on Thursday. The newspaper stated that PayPal was “on the verge of quitting” Libra over its regulatory concerns.

The Australian Financial Review also quoted “people familiar with the matter” as its source in a report claiming that Stripe and PayPay, as well as Visa, Mastercard, were all looking to back out of Libra, as the companies are “concerned about maintaining positive relations with regulators” who have shown disdain for Libra.

The reports follow revelations from earlier this week about the card operators’ reservations. The Wall Street Journal had stated that “Visa, Mastercard and other financial partners” were “reconsidering their involvement following a backlash from United States and European government officials.” The news outlet also quoted “people familiar with the matter” as its source.

At the time, Facebook’s blockchain chief David Marcus tweeted that Libra needed “committed members” if it were to succeed.