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Money must remain in the hands of states: Tim Cook says no to Crypto

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Money must remain in the hands of states: Tim Cook says no to CryptoLondon, Oct 4 (IANS) Apple CEO Time Cook has said that Apple does not intend to create its own cryptocurrency, saying he is firmly against the idea of companies setting up digital currencies.

Taking a dig at Facebook’s attempt to launch a digital currency called Libra next year, Cook told French financial newspaper Les Echos that money must remain in the hands of states.

“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,” Cook was quoted as saying.

Facebook that tied up with 27 organisations to start the non-profit Libra Association to launch its cryptocurrency next year appears to have hit a roadblock.

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According to a report in The Wall Street Journal, Visa, Mastercard and some other financial partners who signed on to support Libra are reconsidering their involvement in the network.

“The financial partners are reluctant to attract regulatory scrutiny following backlash from governments and banks and have declined Facebook’s requests to publicly support the project,” the report said on Tuesday.

The US lawmakers recently attacked Facebook, calling it “delusional” and “dangerous”, directing the social networking giant to clean up its house first before launching a new business model.

According to Cook, money, like defence, 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 for this,” he added.

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The Apple CEO Tim who is currently in Europe made an appearance at an event at the non-profit organization Osservatorio Permanente in Italy on Thursday.

During his speech, Cook said that while the Internet has brought many positive developments, “fake news is one of the negatives,” reports 9to5mac.com.

“The Internet has brought so many positive things, but the fake news is one of the negatives. All of us lovers of democracy and freedom must think that separating the false from the true is the basis of freedom. Quality journalism is the foundation of every democracy and an open and free press is essential,” Cook emphasized.

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