Apple's Tim Cook speaks out about Libra, Facebok's private currency

Tough words from Tim Cook, CEO of Apple towards Libra, the centralized and private digital currency developed by Mark Zuckerberg, CEO of Facebook.

The largest social network in the world, Facebook, seems to be getting very alone with its Libra project. This centralized and private currency proposed by Zuckerberg is losing support. It is also being heavily investigated by regulators around the world. Now criticism comes from major technology companies, in this case from Apple. Tim Cook, CEO of the Bitten Apple Company has been asked about Libra and has not been cut off.

The United States Government, the United States SEC or the United States Senate are analyzing Libra. They have urged Zuckerberg to halt the project under threat of significant fines. The European Central Bank has also asked Zuckerberg for an explanation. In addition, all claim that if you want to be a bank, you respect the regulations established in this regard.

Apple CEO Tim Cook Speaks Out About Facebook's Private Currency

Cook on this has been very clear: "a currency, whatever type, should be in the hands of the countries, not a private group." It clearly refers to companies that have paid $ 10 million to join the Libra Association. This association is the one who develops and manages Facebook's private and centralized currency network.

Initially, a list of partners was published that has been diluted with the problems and the passing of the weeks. VISA was the first company to get off this project. In the last few hours we have seen how PayPal also left this association.

In addition, Cook wanted to make it very clear that Apple will not create a centralized digital currency: “I don't feel comfortable with the idea of ​​a private group establishing a competitive currency. A company should not seek to gain power in this way "

It seems that Zuckerberg's idea is fading in the face of legal problems he could face. Despite the fact that it has served to get more talk about cryptocurrencies, the reality is that Libra is far from being a cryptocurrency or resembling Bitcoin in the least.

Source: TheVerge