HRF’s Weekly Financial Freedom Report #60

India | Central Bank Partners with Fintech Firms to Pilot Launch CBDC

The Reserve Bank of India (RBI) partnered with fintech firms MobiKwik and Cred, alongside Yes Bank, to expand the digital rupee, India’s CBDC. With a combined user base of 180 million, Mobikwik and Cred will act as entry points for public access to the CBDC through their new “e₹ wallet” CBDC app. However, the app mandates video verification and imposes significant restrictions. For instance, a daily transaction cap of ₹50,000 ($577) and ₹10,000 ($115) limit per transaction. The RBI’s decision to embed the digital rupee within existing fintech firms to boost adoption leaves few avenues for financial privacy and freedom as the Indian state pushes further towards a cashless economy.

El Salvador | Lawmakers Scale Back Bitcoin Legal Tender Law

El Salvador’s congress amended its Bitcoin law, making private sector acceptance of Bitcoin voluntary. The reform follows a $1.4 billion loan agreement with the International Monetary Fund (IMF) that wanted to limit the government’s, citizens’, and economies’ exposure to Bitcoin. Salvadoran lawmaker Elisa Rosales said the latest reform guarantees Bitcoin’s “permanence as legal tender” while facilitating its “practical implementation.”  But, John Dennehy, founder of the civil society organization Mi Primer Bitcoin, explained that the reform removed “all references of bitcoin as money or legal tender, plus the actual conditions, such as the government accepting bitcoin for things such as taxes, are now prohibited.” The future of freedom technology in El Salvador will be worth monitoring closely as the regime continues to erode protections on civil liberties.

Nigeria | Regime Hikes Telecom Tariffs for Citizens

In Nigeria, the regime approved a 50% increase in telecom tariffs, further straining citizens already grappling with financial instability. Call rates will rise from 11 to 16.50 naira per minute ($0.0074 to $0.011) and SMS charges from 4 to 6 naira ($0.0026 to $0.004), exacerbating three-decade-high inflation as the ripple effects spread through the economy. Telecom companies justify the price hike as necessary for the sector’s survival amid the naira’s ongoing devaluation. Deolu Ogunbanjo, president of the National Association of Telecoms Subscribers, however, argues that “this decision shows the government cares more about protecting profits than protecting people.” For Nigerians relying on mobile networks for work, banking, and daily communications, the increased costs will make phone services less accessible, putting even more pressure on civil society under an authoritarian government.

Nicaragua | Inter-American Court of Human Rights Rules Against Ortega

In Nicaragua, where the financial repression of individuals, opposition, and civil society is widespread, the Inter-American Court of Human Rights ruled that Daniel Ortega’s reelections since 2011 were illegitimate. This ruling “is the legal confirmation that there is no legitimate president in Nicaragua, but rather a dictator who has usurped power,” said Jaime Aparicio, a Bolivian lawyer, adding that “this is the first time that there is a legal precedent determining the illegality of Ortega’s presidency.” In a country where the regime systematically freezes bank accounts, seizes assets, and shuts down nonprofits to silence dissent, this verdict sets a critical legal precedent against the abuse of state power to secure reelection. While the court lacks enforcement, its ruling strengthens legal challenges to Ortega’s rule and could provide a foundation for future actions against electoral fraud and authoritarian control.