HRF’s Weekly Financial Freedom Report #46

Burma | Major Banks Complicit in Junta’s Financial Crackdown

Burma’s major financial institutions — including Kanbawza Bank, CB Bank, and Ayeyarwady Bank — are facilitating the military junta’s financial repression of pro-democracy activists and opposition figures. Since the 2021 coup, the military regime has actively used the financial system to freeze the accounts of citizens linked to pro-democracy movements under the pretense of preventing “money laundering.” This has severely hampered the efforts of opposition figures and activists to coordinate and push back against an increasingly authoritarian state. Under an authoritarian climate, the junta and banks have cut off thousands of citizens and businesses from their accounts and funds, leaving them subject to a one-party rule that continues to ignore their struggles.

Tunisia | Saied Secures Reelection Amid Struggling Economy

In Tunisia, Kais Saied secured a second term in a landslide election victory after eliminating virtually all political opposition. Meanwhile, the country’s economic crisis shows no sign of easing under his term. Inflation runs rampant, unemployment is above 16%, and public debt exceeds 70% of GDP. Against this backdrop, Tunisians struggle to care for themselves and their families, with daily life marred by power outages, water shortages, and empty supermarket shelves. With external financing stalled, the regime plans to raise taxes and double domestic debt by 2025 — pushing the cost of living even further out of reach for regular citizens. Frustrated, many citizens are protesting, blaming Saied’s economic policies for deepening their financial struggles and undoing the democratic gains they fought for during the Arab Spring.

Sub-Saharan Africa | Women Entrepreneurs use Bitcoin to Overcome Barriers

In Sub-Saharan Africa, 70% of women-led businesses lack access to financial services, relying instead on personal savings and informal networks to finance themselves. When available, traditional banks often demand high collateral, charge exorbitant interest rates, and offer few services to meet their needs. Augustina Tufuor, the founder of Tropical Snacks in Ghana, is one such example. She is struggling to expand her business under the weight of 36% interest rates and unrealistic collateral demands. Here, Bitcoin offers a potential solution. With a Bitcoin wallet, women entrepreneurs can bypass intermediaries, store value securely, and conduct peer-to-peer transactions — gaining financial autonomy without relying on exploitive middlemen. HRF is thrilled to support initiatives like Bitcoin Dada, which empowers African women (especially those living under authoritarian regimes) through Bitcoin education and training. You can learn more about their transformative work here.

Venezuela | Revokes Passports of Activists and Journalists

Dictator Nicolás Maduro is revoking passports from dozens of Venezuelan activists and journalists in his latest bid of repressive tactics following a stolen election earlier this year. This comes amid a broader wave of suppression that includes over 2,000 arrests and 24 deaths, as well as blocks on social media platform X and digital asset exchange Binance (which many citizens have relied on as an escape from the collapsing bolívar). By revoking passports, Maduro is trapping dissidents in an economy with rampant inflation and widespread poverty, as well as making it harder for Venezuelans to establish bank accounts abroad.

Nigeria | Families Grapple With Second Fuel Price Increase in a Month

Nigeria’s cost of living crisis shows no respite as fuel prices surge for the second time in just over a month. Reports observe fuel prices increasing by 15% to 20% at gas stations nationwide. The Nigerian National Petroleum Company has not explained this sudden hike, which follows a 40% fuel price increase in September. Millions of Nigerian families rely on gasoline-powered generators due to persistent electricity shortages. This price hike further strains already tight budgets and complicates efforts to meet basic needs. As the naira continues to collapse against critical goods, the people continue to turn to Bitcoin and stablecoins as a way out.

Bitcoin | Sixth Largest Monetary Asset in the World

A new report by Porkopolis, an economic research firm, reveals that Bitcoin is now the sixth largest monetary asset in the world, as measured by the total value of its base money. Base money refers to the combined value of physical currency and bank reserves. For Bitcoin, this means its current market price multiplied by the outstanding supply of bitcoins. Bitcoin surpassed traditional safe havens like silver, the pound sterling, the Swiss franc, the Russian ruble, and nearly 160 other fiat currencies.