HRF’s Weekly Financial Freedom Report #23

Nigeria | Government to Trap Citizenry in Collapsing Naira

Emomotimi Agama, the director general of the Nigerian Securities and Exchange Commission, disclosed the government’s intention to delist the local currency, the naira, from peer-to-peer platforms, supposedly to combat “currency manipulation” in the foreign exchange market. In effect, this means that citizens will be increasingly trapped in the local currency. This move is part of a larger crackdown that has already seen the imposition of a cap on the selling price of the naira on Binance, the country’s most popular cryptocurrency exchange, as well as hints at a total shutdown of the service. P2P platforms with access to Bitcoin have become crucial for Nigerians looking for alternatives to the failing naira and ways to preserve purchasing power. By removing the naira from P2P platforms, the regime is essentially trying to cut off all exit ramps, forcing their citizens to use a collapsing currency. P2P Bitcoin use is one of the only ways out.

Burma | Potential Military Draft Amid Financial Repression   

Burma’s military junta imposed a travel ban on all conscription-age men (18 to 35 years old) seeking to work abroad, amid public fears of a potential military draft law. Following a series of regime defeats to rebel forces, the military is growing desperate to maintain power, forcing civilians to take up arms against the resistance. Since the 2021 coup, junta-controlled banks have shut down branches in regions captured by resistance forces, and officials have threatened to prosecute those who traveled to nearby towns to withdraw cash. Last year, to finance its operations, the cash-strapped militia increased utility bills and mandated that migrant workers remit at least 25% of their earnings in foreign currency, a tactic also used by the Cuban regime through its “MLC” system. These measures, combined with forcing civilians to fight and restricting opportunities to work abroad, compound the dire financial repression that Burma’s civilians must live with.

Georgia | Advances “Foreign Agents” Bill 

The ruling Georgian Dream Party advanced a controversial “foreign influence” bill mandating that media and non-commercial organizations register as “pursuing the interests of a foreign power” if they receive more than 20% of their funding from abroad. The bill passed by a vote of 83 to 23 in Parliament and passed during the second of three required readings (before being sent to President Salome Zurabishvili for approval). This move caused tension within the assembly, with one pro-government deputy throwing a book at opposition legislators while other opposition members were expelled. Outside the walls of parliament, tens of thousands protested the bill, likening it to repressive Russian laws curtailing the activities of nonprofit organizations fighting for democracy. “There are hundreds of such NGOs who have done so much good for Georgia, and now they face being stigmatized and possibly shut down,” one protester said. The approval of this bill is a red flag for the future of democracy and civil liberties in the country and heightens the importance of parallel ways to fund human rights and democracy groups.

Turkey | Police Arrest Protestors Amid Labour & Financial Struggles

In response to a ban on celebrating and protesting during International Workers Day in Istanbul’s historic Taksim Square, Turkish officials deployed more than 42,000 police officers throughout the city. These officers (including snipers) used tear gas and rubber bullets to disperse thousands of protesters demanding better working conditions and labor rights, which resulted in 217 arrests. The ban on protests in Taksim Square dates back to 2013, when it became a critical site for anti-government demonstrations. Despite the decade-long ban, Ozgur Ozel, leader of Turkey’s main opposition party, the Republican People’s Party (CHP), urged the rallies to continue. The Turkish Lira has lost more than 80% of its value against the dollar over the past five years. More than 53% of the population is unable to cover basic daily expenses, and 70% are struggling to afford food. If anything, dictator Recep Tayyip Erdoğan’s heavy-handed response to this year’s May Day protests reveals his intent to obscure the severe employment and financial difficulties faced by hard-working citizens.

Pakistan | Financially Oppresses Journalists  

Numerous journalists have fled Pakistan to seek safety and financial stability in North America or Europe due to escalating threats and financial pressures back home. “Journalists in Pakistan are often killed or abducted, and many continue to work for meager salaries or no salaries at all,” a once-prominent Pakistani investigative crime reporter said. The Pakistani government is notorious for financially targeting dissenting voices. For instance, journalists critical of the regime may experience delayed or withheld payments, forcing them into financial hardship and self-censorship. Additionally, media outlets are sometimes cut off from funding, particularly when receiving foreign funding, limiting their ability to operate. The Pakistani government’s tactics to suppress and control the free press — through financial repression no less — are intensifying. Journalists worldwide are increasingly turning to Bitcoin to finance their investigative reporting efforts under dictatorships.