Facebook's Libra Is A Bad Idea, Tim Cook Thinks

Nowadays, cryptocurrency is becoming an abundant land for not only money-thirsty people but also evolutionists in the tech industry. Amongst all of them, Facebook has also had its own cryptocurrency on the agenda, but it seems that the company has to go great lengths when its plan has drawn a lot of flak to authorities. As for Apple, the iPhone makers probably won’t follow in Facebook’s footsteps of building a cryptocurrency.

As reported by CNBC, Tim Cook said in an interview that a cryptocurrency isn’t in the pipeline of Apple’s business at present. What’s more, he even criticized the idea of a cryptocurrency launched by a private company.

Cook and some US politicians share the same stance toward Facebook’s Libra, suggesting that it could destruct the importance and strength of nation-issued currencies. However, Facebook may have a good catch for this. As promoted, Libra will not create any new money because it will be backed 1:1 by a basket of currencies.

Agree to disagree, Apple doesn’t fight against crypto and blockchain technology that extremely. Jennifer Baily, vice-president at Apple Pay claimed that the tech giant is still eyeing on cryptocurrency along with its interesting long-term potential.

In the meantime, Libra’s troubles don’t seem to subside any time soon. Recently, there was a series of bad news coming to it, and the latest one is that several prestige partners such as MasterCard, Visa, and PayPal are hopelessly leaving the project.