Indeed, it took me by surprise. When I came across the news, I noticed that Bitcoin had not reacted as expected. Despite the negative news, there was no significant price drop, which left me astonished. I'm beginning to doubt whether a complete crypto ban is truly feasible. It appears that the authorities are primarily targeting organizations involved in crypto businesses rather than trying to ban decentralized cryptocurrencies outright. The fact is, banning decentralized cryptocurrencies is practically impossible. People will always find ways to utilize them, either through peer-to-peer exchanges or on the black market.
Most times these act of banning are just done by the government in power to targeting a particular organization or group of individuals that are perceived enemies or opposition. They do this to frustrate themselves and keep them on watch list. I am not surprised if in the nearest future news emanates that the sole reasons why the ban was implemented was targeted at some certain person's for some reasons because the government are always at it.
Lastly, I think that nation has no significance when it comes Crypto and probably they have no major players or big names in the industry hence the reason the ban did not effect bitcoin price and not only that, Bitcoin of lately has hard a tough time with the market pressure and is gradually becoming resistant to external force and pressure trying to control or manipulate the market direction and price.