HRF’s Weekly Financial Freedom Report #62

Russia | One Year Since Navalny Murdered by Regime

One year ago, Alexei Navalny was murdered in a remote Arctic prison, where he was sent to die for daring to stand against dictator Vladimir Putin. Navalny was Russia’s leading opposition figure, a relentless leader who exposed regime corruption at the highest level and inspired millions to believe in a brighter future. His murder confirmed a grim reality: the Kremlin will stop at nothing to silence those who oppose it. Since Navalny’s passing, Putin has only tightened his grip — charging innocent citizens for financially supporting dissent, blocking NGOs from funding (and access to their own money), accelerating the roll-out of a CBDC to tighten financial control, and restricting access to open alternatives like Bitcoin.

Argentina | Milei Facing Fraud Charges and Impeachment for Promoting Memecoin

Argentinian President Javier Milei is facing impeachment calls and fraud charges after promoting a cryptocurrency called $LIBRA, which has since crashed in value. He initially claimed $LIBRA would “encourage economic growth by funding small businesses and startups.” Instead, the token briefly soared above $5 before plummeting. Critics argue the $LIBRA launch resembles a “rug pull,” where paid promoters inflate a token’s value, then cash out, leaving investors with worthless holdings. As the backlash grew, Milei deleted his posts promoting $LIBRA and defended himself, insisting he didn’t “promote it” — he simply “shared it.” Regardless, the damage is done. $LIBRA is now trading below $1, losing tens of thousands of global citizens most of their money. Behind $LIBRA is Kelsier Ventures, a group allegedly courting Nigeria and other governments with similar schemes. The saga continues to unfold, but the lessons are clear: political memecoins present major risks, and governments are not above rugging their own citizens.

Zimbabwe | Ordinary Citizens Pay Price of Deeply Indebted Regime 

Zimbabwe’s debt crisis has pushed 7.6 million people into food insecurity as an El niño-driven drought worsens an economy already horribly mismanaged and exploited by a military dictatorship. The roots of this crisis run deep. Former tyrant Robert Mugabe’s land seizures in the early 2000s shattered agricultural output, wiped out foreign investment, and unleashed hyperinflation that erased Zimbabweans’ savings and wages. Decades of economic mismanagement drained the national resources and exacerbated food insecurity. Now, ordinary citizens shoulder the cost of regime failures. Families who once farmed their own land depend on expensive food imports they can’t afford, while the bankrupt regime pleads for more dollar-based loans — only to weaken the local currency and sink the country further into debt.

Singapore | Rising Costs Contradict Government’s Inflation Claims 

Singaporean citizens are refuting government claims that inflation is easing, pointing to the rising costs of essential goods and services. While official data reports a 2.4% annual inflation rate, everyday expenses tell a different story. The government highlights falling car prices — a benefit for the wealthy — while downplaying state-imposed fare hikes that disproportionately impact those who rely on public transport (lower-income individuals). With elections looming, many accuse the government of manipulating narratives to downplay these economic struggles. The persistent rise in everyday costs reveals a common disconnect between opaque government statistics issued by autocrats and the financial realities lived by ordinary citizens.

World | Central Banks Delaying CBDC Plans

A new survey of 34 central banks by the Official Monetary and Financial Institutions Forum (OMFIF) revealed that 31% have delayed plans to issue a retail central bank digital currency (CBDC). It also found that the share of central banks inclined to issue a CBDC fell from 38% in 2022 to just 18% today. While this slowdown is a welcomed shift, the survey concludes that most central banks still expect to issue a CBDC in the future. In any jurisdiction, CBDCs mean more financial control in the hands of the government, which opens the door to surveillance, censorship, and control over financial activity. This concentrated power undermines civil liberties, especially in authoritarian regimes, putting dissidents and individuals at greater risk. Learn more about the dangers CBDCs pose to human rights and financial freedom here.