Tim Cook takes a dig at Facebook, says no to Apple digital coin

LONDON: 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.