HRF’s Weekly Financial Freedom Report #61

Central African Republic | Launches Meme Coin Experiment

The Central African Republic (CAR) debuted a government-backed meme coin, $CAR, which President Faustin-Archange Touadéra claims will “unite people” and “support national development.” In reality, meme coins are speculative assets that often serve as vehicles for insider profit. This scheme follows CAR’s failed Sango Coin project, which promised citizenship and land in exchange for locked investments but sold only 7.5% of its supply. Those who did “buy in” did not receive what was promised. In 2022, CAR briefly made Bitcoin legal tender, calling it a path to sovereignty — only to abandon it shortly after. Instead of supporting open and neutral money like Bitcoin, the government has turned to dubious crypto schemes. The real beneficiaries of $CAR appear to be regime insiders who reportedly cashed out $40 million while the public holds worthless tokens.

Nigeria | Debuts Naira Stablecoin

The Nigerian state launched its first regulated stablecoin, cNGN. Similar to US dollar-pegged stablecoins like USDT and USDC, cNGN is pegged 1:1 to its local currency (the naira). It is issued by the African Stablecoin Consortium (ASC), a private coalition of Nigerian financial institutions and blockchain companies. Positioned as a bridge between fiat and digital assets, cNGN aims to facilitate remittances and trade but comes with strict verification requirements that limit financial privacy. The Nigerian SEC also tightly regulates the stablecoin and it is only available on government-approved exchanges, Busha and Quidax. As Nigeria expands its control over digital transactions — through both cNGN and its struggling eNaira CBDC — more and more Nigerians are turning to Bitcoin as a censorship-resistant alternative.

Russia | Proposes Registry to Track Bitcoin Mining Hardware

Russia’s deputy energy minister, Yevgeny Grabchak, has proposed a centralized registry of Bitcoin mining equipment and wallet addresses to “identify mining activities and ensure stricter enforcement of bans in restricted regions,” such as Russian-occupied Ukraine territories. Meanwhile, the Chairman of the State Duma Committee on Energy, Nikolai Shulginov, warned that last year’s mining ban in several Russian and occupied regions may not be enough to eliminate mining fully. As an authoritarian state with an egregious human rights record and a long history of financial repression, Russia appears intent on tightening surveillance of economic activity — especially that of Bitcoin. By registering, tracking, and restricting mining, the Kremlin expands its financial control, undermines economic autonomy, and limits access to permissionless money.

Turkey | Erdoğan Targets Opposition as Inflation Forecast Rises

Turkish President Recep Tayyip Erdoğan sentenced Istanbul Mayor Ekrem Imamoglu — a key political rival — to seven years in prison on charges widely seen as politically motivated. If upheld, the conviction will bar Imamoglu from office, further clearing Erdoğan’s path to dominance ahead of the 2028 elections. At the same time, Turkey’s economic crisis is worsening. Accelerating inflation forced the central bank to raise its 2025 forecast from 21% to 24%, exacerbating the lira’s decline and eroding purchasing power. As both political and financial repression deepen, more Turks are turning to alternatives to sidestep Erdoğan’s expanding control over the economic and political sphere.

Georgia | Regime to Pass Censorship Law

Georgia’s ruling Georgian Dream party is set to introduce a media censorship law aimed at enforcing government-defined standards for journalistic objectivity and ethics, while also restricting foreign funding for media outlets. MP Mamuka Mdinaradze claims the law will establish monitoring mechanisms and is modeled after UK regulations, though critics compare it to Belarusian-style repression. Georgian Dream Prime Minister Irakli Kobakhidze defended the move as necessary to close legislative “loopholes” and strengthen state control. Journalists and activists warn that the law is part of a broader crackdown on press freedom and dissent. Decentralized social networks like Nostr will become increasingly vital for journalists and activists to communicate freely, resist censorship, and ensure the flow of independent information.