Tim Cook Is Against the Concept of Cryptocurrency

Apple CEO Tim 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.

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.

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.