An example is in February, 2021, the CBN (central bank Nigeria) prohibited banks from engaging in any cryptocurrency transactions. At that time the restriction or ban affected the adoption of bitcoin, which was fast gaining ground as an alternative to fiat, for a while, people became afraid to be associated with bitcoin, because of the negative things that were attributed to it, like being a means of money laundering . Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies. Despite the perception and challenges in some countries, the adoption of bitcoin keeps increasing everyday. Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.
I recently had this discussion with a friend who is already living fine just by working as a P2P merchant on Bitget, during the course of the discussion we talked about the fact that some government policies might be beneficial sometimes regarding how hard it might look. Narrated to me how he makes daily profit from 50,000 Naira upward each day just by buying and selling, I expressed my interest to join as well when I discovered it’s easy to become a merchant on Bitget P2P market unlike other exchanges where your application for P2P might not be approved even in 6months.