After Facebook’s announcement of launching its digital currency platform Libra, there were rumors about Apple entering the crypto race as well, but Apple’s chief executive, Tim Cook, ruled them out by telling that they have no plans of launching a digital currency.
In a recent interview, Tim Cook explained how they have no plans of entering the digital currency world, and he was against the trend of companies entering the digital currency “war zone”. He believes that companies should not try to gain power by developing competing currencies in the market, and the power of currency should stay in the hands of the countries and respective governments.
The announcement made by the social media giant Facebook about the launch of their digital currency Libra started rumors about how other companies were planning similar moves in the business. This project is backed up by some big names in the industry, such as PayPal, Mastercard, Spotify, etc.
Cook is a firm believer in governments taking responsibility for the currencies as they are elected by people to handle governmental responsibilities. Companies should not handle currencies as they are individually owned and not elected by people.
France and Germany are ready to block Libra and its operations in Europe. A section of market watchers is also planning to rethink the regulatory and political effects of Facebook’s cryptocurrency move. Apple was considered as one of the most eligible candidates to launch a digital currency as it was already involved in the financial services with a credit card and phone-based payment system.
Cryptocurrencies have been a challenge for everyone because of their volatility. In 2017, Bitcoin jumped by 500 percent, and every investor considered it as the future of payments. This hype was short-lived as the cryptocurrencies are just a fraction of the peak value of 2018.
Apple’s credit card to go global in future
Tim Cook confirmed that an international version of Apple Card is under preparation and soon will be made global. The Apple credit card is only available in the U.S. right now, where it has partnered with Goldman Sachs. Apple is looking for a suitable partner to make the card global as every country has different rules and regulations.
Apple card is different from the regular credit cards as it has no number, CVV security code or expiration date. It is available in both digital and physical credit card. The card allows instant approval, and there is no penalty if the payment deadlines are missed or if the limit for the card is crossed.
