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

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 criticism on Bitcoin which eventually pulled the price of BTC down to the level of $36,570.

China Bans Crypto Mining, a New Era is Coming

Liu He made an announcement regarding the plan of China to place an elaborate ban 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.

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.

As crypto-mining businesses were stopped in China, the crypto landscape was affected as in Hong Kong, 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.

Bank of Japan’s Governor Slams Bitcoin, BTC Falls to $36,570

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.

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.

The governor followed the steps of Jerome Powell 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.