HRF’s Weekly Financial Freedom Report #40

Venezuela | Opposition Leader Refers to Bitcoin as a Lifeline

Venezuelan opposition leader Maria Corina Machado called Bitcoin a “lifeline” and a “vital means of resistance” for citizens trapped in a hyperinflationary and repressive environment under Maduro’s regime. In an interview with HRF Chief Strategy Officer Alex Gladstein, Machado stresses how the bolivar’s collapse, which saw inflation soaring to 1.7 million percent in 2018, wiped out Venezuelans’ incomes and savings. For many of them, she acknowledged, Bitcoin offered a path to financial independence. “Bitcoin bypasses government-imposed exchange rates and helps many of our people,” she said. Following the stolen election of July 28, Machado views Bitcoin as part of Venezuela’s future and said Bitcoin would be “part of our national reserves, helping rebuild what the dictatorship stole.” This could mark the beginning of a new era, where opposition leaders worldwide turn to Bitcoin as a powerful and effective means of resisting authoritarian regimes.

Ukraine | IMF Pushes for Currency Devaluation

The International Monetary Fund (IMF) is urging Ukraine to devalue its currency, the hryvnia, as a condition for securing financial support under its $15.6 billion loan program. According to the IMF, this move would boost government revenues and help stabilize the economy amid the ongoing war with Russia. But the Bank of Ukraine warns that further devaluation would worsen price instability, especially as the hryvnia has already lost 10% of its value since October 2023. For Ukrainians surviving war, grappling with inflation, navigating power outages, and high unemployment, a weaker currency would only erode their purchasing power and compound their hardships. HRF is proud to support Bitcoin Meetup Ukraine, a community helping citizens achieve financial security and independence in these turbulent times.

Tunisia | Electoral Commission Removes Three Presidential Candidates

Tunisians are struggling with growing financial hardships, with many forced into debt to navigate the country’s worsening economy. Instead of addressing these pressing issues, President Kais Saied’s regime appears focused on consolidating its power. Tunisia’s electoral commission, seen as favoring Saied, defied a court order to reinstate three key presidential candidates leading up to the Oct. 6 election. The commission only recognized Saied and two other candidates, Zouhair Magzhaoui and Ayachi Zammel. Critics say this is the latest attempt to block competition and secure Saied’s re-election. With their voice in the country’s future shrinking, Tunisians are protesting, calling this move “a complete coup against the will of the voters” and warning that it “sets a precedent in election history that the commission does not respect the decision of the Administrative Court.” Under a regime more concerned with securing its grip on power, economic relief for Tunisians remains a distant hope.

Nigeria | Protesters Facing Potential Death Penalty

In Nigeria, at least 10 protesters face a potential death penalty, charged with treason for participating in demonstrations against the country’s worst economic crisis in decades. The government accuses them of attempting to “destabilize” Nigeria and “intimidate” President Bola Tinub. These protests erupted in response to soaring inflation, widespread poverty, and severe economic hardships since Tinubu’s election. Security forces have killed at least 22 protesters so far. The treason charges set a chilling precedent, signaling the regime’s readiness to use extreme legal measures to squash dissent. Amnesty International condemned the decision, calling it a blatant abuse of the criminal justice system to silence critics of the regime’s economic mismanagement.

Mexico | Congress Advances Sweeping Judicial Reforms

Mexico’s government is steadily increasing control over financial activities, raising concerns about the potential of financial repression. A law passed in 2020 allows officials to freeze bank accounts without a court order, while a Supreme Court ruling enables financial agencies to access citizens’ banking information automatically. Now, a controversial bill passed by Mexico’s lower house of Congress threatens to erode legal safeguards further. The bill forces judges, including Supreme Court justices, to stand for election by popular vote, which critics argue will weaken judicial independence and open the door to political and cartel influence. “They want to own Mexico,” Javier Reyes, a federal court worker protesting the judicial overhaul, warned. Protesters, including students and judges, have blocked Congress, calling the bill “the end of democracy.” If passed by the Senate, these reforms could reshape the judiciary and increase government control over financial activity, threatening Mexico’s financial and democratic freedoms.