HRF’s Weekly Financial Freedom Report #66

Thailand | Announces Third Digital Cash Handout to Boost Economy

The government of Thailand announced a third digital cash handout, allocating 27 billion baht ($800 million) to 2.7 million citizens aged 16-20 to “stimulate the economy and drive technological adoption.” Like in previous phases, the regime will distribute the funds through a state-run “digital wallet” application, which would effectively function as a central bank digital currency (CBDC). Past handouts of the CBDC came with strict restrictions: spending was limited to approved vendors within designated areas, purchases were restricted to certain goods, and funds expired after six months. Meanwhile, Prime Minister Paetongtarn Shinawatra called this third handout the first full deployment of the digital wallet system and urged the public to download the official app. This would directly link citizens’ financial activity and data to the regime, threaten privacy, and deepen repression in a country with a long history of silencing dissent.

Russia | Central Bank Proposes Restricting Bitcoin Access to Wealthy Only

Russia’s central bank has proposed restricting Bitcoin and cryptocurrency access to only the country’s wealthiest individuals, barring everyday Russians from buying and selling digital assets unless they meet specific income or asset thresholds. Under the proposal, only Russians with over $1.2 million in assets or an annual income above $580,000 could engage with digital assets — effectively putting Bitcoin officially out of reach of most activists and journalists. The central bank claims the measure protects citizens from “volatility and lack of state backing.” But in reality, it likely signals the regime’s fear of Bitcoin’s ability to provide individual financial autonomy. By blocking most Russians from opting out of the state-controlled financial system, the regime is doubling down on financial repression.

India | Advances Digital Rupee CBDC

India’s government is pushing forward with its CBDC, the Digital Rupee, hailing it as a modern payment solution. But as journalist and author Roger Huang puts it, “it looks like a solution searching for a problem to solve.” Beyond the branding, the Digital Rupee enables state control over financial activity. Its programmability allows the government to dictate how, when, and where people spend — restricting transactions to specific merchants, locations, or goods and even imposing expiration dates on money. India’s crackdown on dissent is well-documented, from freezing opposition bank accounts to attempting a Bitcoin ban. Now, the Reserve Bank of India is embedding the CBDC into its digital payment system (UPI), quietly pushing millions into a tightly controlled and surveilled financial system.

Zimbabwe | Financial Regulators Mandate Earnings in ZiG

Zimbabwe’s market regulator is mandating all companies report their earnings in the new ZiG currency despite it losing 96% of its value since its launch last year. This move tightens state control over an already fragile economy, pushing businesses and citizens deeper into an unstable system that has repeatedly wiped out savings through inflation. The ZiG is Zimbabwe’s sixth currency in 15 years, introduced with gold backing to restore confidence in the regime’s ability to manage a currency. Instead, it’s rapidly devaluing, while the US dollar remains the preferred currency for trade and savings — when accessible. For ordinary Zimbabweans, the mandatory use of ZiG for taxes and government services is already a challenge due to its scarcity.

Egypt | Dictator-imposed Reforms Causing Economic Chaos

In the wake of an $8 billion deal with the International Monetary Fund (IMF) last spring, the Egyptian dictatorship has carried out “reforms” that are fueling inflation and making necessities increasingly unaffordable. To meet IMF conditions, Egyptian officials devalued the pound, slashed subsidies, and hiked the cost of fuel and public transportation — driving inflation beyond 20% for months on end. For millions of Egyptians, basic goods are now unaffordable. And the government’s promised minimum wage increase for public workers remains unfulfilled, leaving the public to absorb the price shocks. These undemocratic reforms — never voted on and executed with no way for the public to push back — aimed at securing further financing have only eroded the financial freedom of 114 million Egyptians and pushed the country into greater debt.

China | Facebook Enabling Authoritarian Censorship

A former Meta executive, Sarah Wynn-Williams, has accused Facebook of working “hand in glove” with the Chinese Communist Party (CCP) to censor and surveil content in China. According to Wynn-Williams, Facebook explored building censorship tools that would suppress viral posts until Chinese authorities approved. They even considered sharing user data in exchange for market access to China’s massive user base. Meta denied these claims, saying they fired Wynn-Williams in 2017 for poor performance. Regardless, the revelations highlight the dangers of for-profit, centralized platforms that authoritarian regimes can co-opt. Protocols like nostr (where no single entity moderates content) are more important than ever. Activists and dissidents seeking free communications can get started with nostr here.