That’s highly possible because even if we are living in a friendly country itself, people still prefer to make p2p transactions because they find it more convenient and safer on their part. Now how much more if the country itself is totally against crypto, and clearly against the people’s assets and properties because they want to acquire them as their own, people will surely flock into p2p where there is faster and easier transaction with bitcoin.
Luckily, my country isn’t that selfish, although corruption is still inevitable. But in terms of crypto, they allow the people to buy and hold them for their own interests.