CBN Crypto Ban: Why Countries Ban Crypto and Who Still Uses It
When the CBN crypto ban, the Central Bank of Nigeria’s 2021 order restricting financial institutions from handling cryptocurrency transactions hit, it wasn’t just about controlling money—it was about control itself. The CBN didn’t outlaw Bitcoin or Ethereum outright. It told banks: don’t touch it. But that didn’t stop millions. In fact, Nigeria became one of the world’s top crypto-adoption nations, even after the ban. People kept trading. They used peer-to-peer platforms, prepaid cards, and even cash couriers to move value. The ban didn’t kill crypto—it pushed it underground, where it thrived.
Other countries tried the same. Tunisia, a North African nation that banned all crypto use in 2018 still has citizens buying Bitcoin through VPNs and local traders. Bangladesh, where the central bank declared crypto illegal in 2015, saw over 600,000 people use Binance anyway—mainly to send money home or protect savings from inflation. These aren’t tech elites. These are parents, drivers, shopkeepers. They don’t care about blockchain theory. They care about having access to money that isn’t trapped in a broken system.
And here’s the twist: bans often backfire. Bolivia’s crypto ban lasted ten years—until June 2024, when the government reversed course and legalized it. Why? Because people kept using it anyway. $294 million traded in six months after legalization. Thailand banned foreign P2P platforms in 2025, but users just switched to local exchanges or moved funds through third-party intermediaries. The real issue isn’t crypto. It’s trust. When people lose faith in their banks, their currency, or their government’s ability to manage money, they turn to something that works—no permission needed.
The CBN crypto ban didn’t stop Nigeria’s crypto economy. It just made it harder to track. And that’s the pattern everywhere. Wherever there’s a ban, there’s a workaround. Wherever there’s inflation, there’s Bitcoin. Wherever there’s a broken financial system, there’s crypto. The posts below show you exactly how this plays out—from the underground markets in Bangladesh to the legal gray zones in Iceland and Tunisia. You’ll see who’s winning, who’s getting caught, and why the old rules are already obsolete.
- By Eva van den Bergh
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- 17 Nov 2025
Central Bank of Nigeria Crypto Policy Evolution: From Ban to Regulation
From banning crypto in 2021 to fully regulating it by 2025, Nigeria's Central Bank shifted from resistance to control. Learn how the SEC now oversees licensed exchanges and why banks can finally support crypto again.