Apple Chief Says No To Altcoins Like Libra: Report

The fast growing group of companies which are suddenly changing their mind about Libra seems to be growing. As the Libra coin news show, the major tech company Apple is one of them – and the other cautious companies include some of Facebook’s biggest name partners: PayPal, Stripe, Visa and Mastercard. The Apple chief Tim Cook recently stated that a Libra-like crypto project was clearly not in the company’s plans.

As we can see from the reports seen on Reuters, Tim Cook even went on to pour scorn on the Libra project, stating:

“I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency.”

This, as the latest cryptocurrency news show, is a statement that goes very much in contrast to the previous enthusiasm about the project. The Apple chief also added (in a commend which was bound to cheer regulators on both sides of the ocean) that “a private company should not be looking to gain power this way.”

The Libra latest news also show that the Apple chief seems to have changed his mind. A month after the company’s vice president said that Apple was “looking into” possible cryptocurrency operations, now the situation is different.

Meanwhile, there have also been a lot of reports indicating that Libra partners will look to end their association with Facebook’s forthcoming token. Aside from the Apple chief and his recent statements, PayPal executives failed to show up to a scheduled Libra Association, reports from Financial Times show. The newspaper also showed that PayPal was “on the verge of quitting” Libra over the regulatory scrutiny that the project received recently.

Another report in the Australian Financial Review quoted “people familiar with the matter” and claimed that Stripe and PayPal, as well as Visa and Mastercard – are all looking to back on Libra. The report noted that the companies are “concerned about maintaining positive relations with regulators” who have shown their contempt for Libra.

If we go back to the blockchain chief at Facebook, David Marcus, and his tweets indicating that Libra needed “committed members” to succeed, we can see that a change of plans may be happening.