Why won’t Apple create its own Digital Currency?

Apple’s CEO, Tim Cook, reported in a recent interview of his, that Apple has no intention to create its own digital currency, as Facebook did with Libra.

When the CEO was asked about the possibility, he responded that he does not feel comfortable with the idea of private businesses handling money and that this is a work for the government.

His response was of course of a very different tone, in comparison to Facebook’s Libra and other competitors.

Although those who support decentralized transactions, like Bitcoin (BTC), are against the way in which states corrupt money, Cook refers to the same activities as being the right guardians for the economy. He stated:

“Currency, like defence, should remain in the hands of states – it’s at the heart of their mission. We elect our representatives in order for them to assume the responsibilities of government. Businesses are not elected – they should not encroach on this space”.

However, there are some speculations that the reason why Apple does not intend to create its own cryptocurrency hides another plan. After the launch of the new iPhone 11, a lot of people have talked about its unflattering camera design with the three cameras. A lot more also commented on what that design reminds of, as the shape is very similar to the XRP logo. So, the conspiracies want Apple to have intentions of adopting Ripple’s XRP, supporting the speculation with Tim Cook’s recent statements.

Although without Apple’s confirmation, all this is just a conspiracy, there are some signs that lead towards that direction. In April 2018, there was some news about Apple integrating Ripple Interledger technology, a partnership that was said to assist Ripple’s currency, XRP.

Since the integration, XRP prices have positively reflected pushing crypto asset to new heights in the crypto and financial market.

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Published on: 10/10/19