HRF’s Weekly Financial Freedom Report #54

Syria | Assad Regime Overthrown

The Assad regime, infamous for its financial repression and brutal authoritarianism, has been overthrown following the rebel capture of Damascus, forcing Bashar al-Assad and his family to flee to Moscow. For 24 years under Assad — and 53 years of Assad family rule — the regime manipulated the economy to maintain its grip on power. Policies such as enforcing artificial currency exchange rates, restricting bank withdrawals, and imposing strict controls on the flow of goods and money plunged over 90% of Syrians into poverty. This economic stranglehold, combined with systemic human rights abuses, defined his reign. With the regime’s collapse, Syrians now face a pivotal moment to rebuild their country and pursue a future of more financial freedom.

China | Youth Bear the Brunt of Economic Slowdown

China’s slowing economy is forcing younger generations into increasingly precarious financial positions. Youth unemployment has soared past 17%, and even those who find work face stagnant wages and unmet income expectations. To survive, many young people are embracing extreme frugality — capping food expenses at just 500 yuan ($70), eating in the dark to save electricity, and avoiding dining out entirely. The middle class, weighed down by debt and a bleak economic outlook, is also adopting similar austerity measures. This growing financial strain offers a stark snapshot of China’s economic challenges and raises deep concerns about the long-term prosperity and opportunities for the nation’s youth.

Tunisia | Growing Repression of Journalists Amidst Worsening Economic Crisis

Tunisia is grappling with a worsening economic crisis, as citizens face soaring unemployment, a collapsing currency, and the devastating impacts of financial mismanagement. Amid this economic turmoil, President Kais Saied is intensifying his crackdown on dissent, imprisoning journalists in overcrowded cells, denying them medical care, and subjecting them to psychological torture — blatant evidence of the state’s disregard for human rights. Saied’s regime has also weaponized vague morality laws to target activists, influencers, and musicians, ensuring no opposition voice goes unpunished. By silencing dissent, Saied seeks to deflect attention from the regime’s economic failures, positioning the state as a moral authority while deepening the suffering of journalists and the broader public.

Pakistan | Testing Internet Firewall to Increase Financial Surveillance

Pakistan’s government is testing a nationwide Internet firewall, a tool designed to monitor, censor, and control online content by filtering internet traffic at the state level. By leveraging technology sourced from China, officials can block websites, restrict apps, and track individual online activity. This firewall poses a severe threat to financial freedom, as the military regime could use it to restrict access to tools like Bitcoin, cutting off alternative financial systems that offer privacy and independence. Civil society, including activists, journalists, and political dissidents, faces heightened surveillance, repression, and limited access to information — further curtailing their capacity to organize or express dissent.

India | Central Bank Governor Shares CBDC Vision

Outgoing Reserve Bank of India (RBI) Gov.Shaktikanta Das reaffirmed his vision for India’s central bank digital currency (CBDC), the digital rupee, as the nation’s currency continues to reach a record low against the US dollar. While hailed as the “future of currency” and praised for its potential economic benefits, the CBDC raises serious concerns. It grants the state unprecedented power to surveil transactions, freeze funds, and block payments in real-time — an alarming reality in a country already known for freezing opposition bank accounts and imposing rigid KYC requirements. Das’s hopes of a CBDC to “underpin the payment systems of the future” prioritizes state control at the expense of individual freedoms.

Georgia | Internet Shutdowns Amid Energy Crisis

In the breakaway Georgian region of Abkhazian, Russian-backed officials are using an energy crisis as a pretext to tighten Internet controls. Blaming illegal Bitcoin mining for electricity shortages, officials imposed nightly Internet shutdowns from midnight to 7:00 a.m., starting Dec. 10. These restrictions, coupled with power rationing and school closures, exacerbate hardships for residents as the region grapples with reduced energy from Russia and the Enguri hydroelectric plant. By painting Bitcoin as the villain, officials divert attention from broader governance failures while consolidating their grip over online communication and suppressing access to alternative financial tools.