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Apple Inc. (NASDAQ:AAPL) CEO Tim Cook has indicated that Apple will not follow the growing trend among tech giants of launching a cryptocurrency.

The CEO asserted that the company would not be launching a cryptocurrency of its own despite making investments in mobile payments, digital wallets as well as consumer credit. Apple recently launched the Apple Card backed by Goldman Sachs.

Tim Cook criticizes Facebook’s Libra

Cook took a jibe at Facebook (NASDAQ:FB) regarding the launch of Libra, terming the move as a deliberate power grab. In an interview with Les Echo, Cook said that he believed that currency should be under countries. He said that private companies have a limit of what they should do and not do, and creating currency is crossing the line. Cook further affirmed that he was not okay with a private entity developing a competing currency.

In July, Facebook announced that it was creating a new cryptocurrency dubbed Libra through collaboration with other companies. The company has set to unveil Libra next year, but the idea has received significant criticism from privacy advocates and regulators following Facebook’s recent privacy scandals. Some legislators have called on the company to stop its work on Libra altogether.

Libra describes itself as a simple financial infrastructure and global currency that will empower many people. The crypto will enable Facebook users to transfer money to other people, even those in different countries. They will be able to do so through Calibra lin just a few seconds. There is also a possibility of the federal government supporting the cryptocurrency so that its value does not fluctuate more than the currency used today.

PayPal Withdraws from Libra Association

Cook’s comments come a day after PayPal, which is part of the 28 companies forming the Libra Association announced that it was backing out. Libra Association is a non-profit formed to supervise the creation of Libra as well as financial, technical, and regulatory challenges. This is a massive blow to the development of the cryptocurrency and its chances of receiving regulatory approval.