According to Xinhua News Agency, the German federal government issued a press release on the 20th, saying that the government cabinet proposed at a digital conference held recently that it would not allow cryptocurrencies to compete with the national legal currency. The communique said that the emergence of Bitcoin triggered a wave of innovation in cryptocurrencies. The American Facebook company also announced the launch of the virtual cryptocurrency Libra this year. After in-depth discussions in the government cabinet, it is believed that cryptocurrencies such as Libra may shake the banking and credit industries. Such currencies essentially provide banking services, but not banks.