Financial Freedom Reports

Last week, Pakistan’s military-backed government proposed amendments to the State Bank of Pakistan Act (SBP) to open the door for a state-controlled central bank digital currency (CBDC).

Indian regulators are contemplating a ban on digital assets like Bitcoin to position their central bank digital currency (CBDC), the Digital Rupee, as the country’s dominant option.

In Nigeria, the state anti-corruption agency dropped money laundering charges against Tigran Gambaryan, a Binance employee detained by the regime since February.

We are excited to share that HRF’s CBDC Tracker is a finalist in this year’s Anthem Awards, which honor social impact work across various fields.

In North Korea, citizens face a devalued currency and strict control over foreign currency as the regime tries to trap people in the collapsing North Korean won.

Last week, HRF hosted the second annual Global Bitcoin Summit, bringing together more than 125 human rights defenders, Bitcoin developers, social entrepreneurs, and UI/UX designers from more than 60 countries at the beautiful Bitcoin Park in Nashville, Tenn.

In Kuwait, the government is escalating surveillance by mandating biometric fingerprint data for all citizens and threatening to restrict their financial accounts, assets, and government services if they fail to comply.

In Zimbabwe, the regime’s new ZiG currency is rapidly losing value, depreciating by up to 80% on the parallel market as citizens lose confidence in the state’s latest monetary experiment. Despite government interventions — including creating artificial scarcity, freezing bank accounts, and arresting currency traders — Zimbabwe is on the brink of yet another currency failure.

This week, Bitcoin took center stage in Venezuela’s struggle for financial freedom. After the Maduro regime brazenly stole the country’s presidential election, opposition leader Maria Corina Machado spoke in an exclusive interview with the Human Rights Foundation (HRF), where she called Bitcoin a “lifeline” and a “vital means for resistance” for Venezuelans suffering under repression and hyperinflation.

In Syria, Bashar al-Assad’s economic policies continue to devastate the lives of millions while he enforces a tight grip on power. Manipulated currency exchange rates and strict monetary controls have deepened poverty and wreaked havoc on the Syrian lira’s value, offering a sobering view into the impact of authoritarian rule on the financial freedom of everyday citizens.

In Russia, the crackdown on charitable donations continues. Ksenia Karelina, a dual Russian-American citizen, was sentenced to 12 years in prison for donating $51 to a Ukrainian charity. Her case highlights the severe risks individuals face when supporting Russian opposition and reminds us of the critical need for financial privacy, especially for the billions of people who live under tyrannical regimes.

As Venezuelan dictator Nicolás Maduro tightens his grip on power, he has restricted access to Binance, the world’s largest Bitcoin and cryptocurrency exchange. For many Venezuelans, Binance was a helpful lifeline offering peer-to-peer access to USD, Bitcoin, and stablecoins. Now, many are left increasingly trapped with the crumbling bolívar.

In Nigeria, widespread discontent with President Bola Tinubu’s financially repressive policies sparked nationwide protests. Security forces descended on citizens peacefully protesting against the devaluation of the naira and soaring inflation, which has reached a 30-year high in a country where 40% of the population already suffers under extreme poverty.

In Venezuela — recently home to one of the most catastrophic episodes of hyperinflation in history — dictator Nicolás Maduro fraudulently claimed victory in the country’s presidential election.

Across the world this week, authoritarian regimes predictably continue leveraging centralized technologies and top-down policies to tighten their grip on power. In Russia, Vladimir Putin pushes for harsh regulations on Bitcoin mining, citing fears of potential power outages.

This week, financial policies impacting personal freedoms worldwide take center stage. In Russia, imprisoned opposition politician Vladimir Kara-Murza was transferred to a prison hospital, while officials issued an arrest warrant for Yulia Navalnaya, widow of Alexei Navalny and new chair of the Human Rights Foundation, for being part of an “extremist group.”

In Kenya, thousands of young citizens protested new taxes and a bailout for the government, which continues to erode democracy. Thirty-nine people were killed. Meanwhile, Bolivia experienced an alleged coup attempt led by the former commander general of the military, which some suspect was orchestrated by President Luis Arce to boost his dwindling popularity amid severe financial hardships.

This past week, Russian officials detained a Russian-American woman for the “crime” of donating $51.80 to a pro-Ukraine charity. Meanwhile, in China, the regime renamed over 600 villages significant to the Uyghur Muslim minority group in its efforts to further erase Uyghur cultural identity.

From June 3 to 5, human rights advocates gathered in Norway for the Oslo Freedom Forum to share their stories and reclaim individual rights from authoritarian regimes. During the Financial Freedom track, speakers highlighted how Bitcoin funds counter-terrorism and pro-democracy movements, provides banking services to repressed populations, and safeguards against the risks of central bank digital currencies.

From June 3 to 5, human rights advocates gathered in Norway for the Oslo Freedom Forum to share their stories and reclaim individual rights from authoritarian regimes. During the Financial Freedom track, speakers highlighted how Bitcoin funds counter-terrorism and pro-democracy movements, provides banking services to repressed populations, and safeguards against the risks of central bank digital currencies.

This week in Nicaragua, the number of political prisoners continues to grow. This time, the targets are journalists and teachers who are arbitrarily detained and often cut off from their banking accounts.

In Hong Kong, officials launched a pilot program for China’s central bank digital currency (CBDC), the e-CNY, marking its first expansion beyond the mainland. But even under duress, adoption remains limited as many Chinese workers are quickly converting their e-CNY for traditional currency, emphasizing their distrust of centralized digital currencies.

This week in Russia, Vladimir Putin’s “reelection” for a fifth term underscores a deepening authoritarian regime, characterized by stringent control over the financial system and harsh crackdowns on dissenters — a far cry from his pledge to “preserve and develop democracy” when first assuming office in 2000.

n Nigeria, the director general of the Securities and Exchange Commission announced the government’s intention to delist the naira from peer-to-peer platforms, a move that would effectively trap the public inside the failing currency.

This week news centered around the harassment of press freedom defenders through financial de-platforming. In Somalia, the regime froze the bank accounts of the Somali Journalist Syndicate (SJS).

Last week, on halving day, the Human Rights Foundation launched the Finney Freedom Prize to honor the legacy of Hal Finney and inspire others to follow in his footsteps. As the world becomes increasingly digital, the fight for electronic privacy and cash becomes more and more important.

Depending on your time zone, Bitcoin’s fourth halving will take place tomorrow or Saturday at block height of 840,000. Here’s a great 101 from Andreas Antonopolous on the basics of the halving, why it is important, and what he expects to happen as a result of Bitcoin issuance being cut in half.