<span style="font-weight: 400">Vice-Premier of China and the leader of the State Council committee, Liu He, announces China’s plan of placing an elaborated ban on crypto mining. Along with China, Japan’s Haruhiko Kuroda has poured <a href="https://www.bloomberg.com/news/articles/2021-05-28/kuroda-joins-chorus-of-central-bankers-casting-doubt-on-bitcoin" target="_blank" rel="nofollow noopener">criticism</a> on Bitcoin which eventually pulled the price of BTC down to the level of $36,570.</span>
<h2><span style="font-weight: 400">China Bans Crypto Mining, a New Era is Coming</span></h2>
<span style="font-weight: 400">Liu He made an announcement regarding the plan of China to place an elaborate <a href="https://www.cryptoknowmics.com/news/china-renews-call-to-crack-down-on-bitcoin-mining-and-trading/">ban</a> on crypto mining in China for the first time which is directly going to affect the big business of 70% of the total supply of crypto in the world.</span>

<span style="font-weight: 400">The ban came after three Chinese associations backed by the state released a joint statement warning against the fluctuations of cryptocurrencies. Despite many miners refusing to seriously accept the ban and thinking that the government was not going to take action, the ban came really quick as a shock.</span>

<span style="font-weight: 400">As crypto-mining businesses were stopped in China, the crypto landscape was affected as in <a href="https://www.cryptoknowmics.com/news/hong-kong-in-talks-with-china-to-stretch-cross-border-testing-of-digital-yuan/">Hong Kong</a>, the miners are now required to obtain an official license from the market regulators of the city and will only be allowed to provide services to professional investors.</span>
<h2><span style="font-weight: 400">Bank of Japan’s Governor Slams Bitcoin, BTC Falls to $36,570</span></h2>
<span style="font-weight: 400">In accordance with the recent reports released by Bloomberg, the Governor of the Bank of Japan, Haruhiko Kuroda has recently joined the chorus of the central bankers in criticizing the flagship cryptocurrency.</span>

<span style="font-weight: 400">Kuroda stated on Thursday morning that most of the Bitcoin trading is really speculative and the asset possesses high fluctuations adding that BTC is never used as a means of settlement.</span>

<span style="font-weight: 400">The governor followed the steps of <a href="https://www.cryptoknowmics.com/news/jpmorgan-says-institutions-may-replace-bitcoin-for-gold-as-over-755k-crypto-traders-liquidated-in-one-day/">Jerome Powell</a> and Luis de Guindos, who are the head of the US Federal Reserve and ECB Vice President respectively, who believe that cryptocurrency is and will not be a real investment tool.</span>

Crypto Mining Ban by China and Japan's Criticism Pulls Bitcoin Down to $36,570

Liu He, announces China’s plan of placing an elaborated ban on crypto mining. Japan criticised Bitcoin, BTC down to the level of $36,570.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Crypto Mining Ban by China and Japan's Criticism Pulls Bitcoin Down to $36,570

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