The Financial Freedom Report is a newsletter focusing on how currency plays a key role in the civil liberties and human rights struggles of those living under authoritarian regimes. We also spotlight new tools and applications that can help individuals protect their financial freedom.
Good morning, readers!
We are excited to share that HRF’s CBDC Tracker is a finalist in this year’s Anthem Awards, which honor social impact work across various fields. The tracker highlights the progress and risks of central bank digital currencies and their global impact on individual civil liberties. With your help, we can raise awareness regarding the dangers CBDCs pose to financial autonomy, privacy, and human rights worldwide. Vote for HRF’s CBDC Tracker here.
In the coming weeks, keep an eye out for HRF on stage at Bitcoin events in Latin America. HRF Chief Strategy Officer Alex Gladstein will be giving a keynote at LABITCONF in Buenos Aires, Argentina, on Nov. 1 and will also be participating in SatsConf on Nov. 8-9 in São Paolo, Brazil.
In global news, the military junta in Burma is exploiting the country’s financial system to suppress pro-democracy activists and opposition figures, with major banks actively freezing accounts and blocking access to citizens’ funds. Since the 2021 coup, Burmese banks have followed direct orders from the military regime to cut off financial support for citizens linked to pro-democracy movements, weakening individuals’ ability to express dissatisfaction and stand up against creeping authoritarianism.
Meanwhile, in Tunisia, Kais Saied’s reelection sparked widespread frustration as Tunisians navigate a spiraling cost of living while Saied brazenly consolidates power and silences opposition. Facing regular blackouts, water shortages, and bare supermarket shelves, citizens are protesting in the streets, yet Saied’s regime is pushing for tax hikes and more debt to keep itself afloat at the expense of citizens’ livelihoods.
On the technology front, Fedimint, an open-source protocol designed for community-based Bitcoin custody and transactions, released a Software Development Kit (SDK) that enables developers to more readily build Lightning and ecash wallets in the browser. Additionally, Zeus, a self-custodial Lightning wallet, introduced new features that improve receiver privacy and grant users more control over their Lightning nodes.
We conclude with a Peter McCormack podcast episode in which Gladstein talks about HRF’s mission to support people living under authoritarian regimes and the importance of open-source freedom technologies like Bitcoin, Nostr, and ecash to empower activism and pro-democracy movements worldwide.
Now, let’s dive right in!
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.
Fedimint | Announces Fedimint Web Software Development Kit (SDK)
Fedimint, an open-source protocol designed for community-based Bitcoin custody and transactions, released the Fedimint Software Development Kit (SDK). The SDK toolkit enables software developers to more readily integrate Lightning and ecash wallets directly into a user’s web browser, making it simpler for users to send Bitcoin while keeping their payments private. By encouraging the development of more Bitcoin wallets, the Fedimint SDK can help bring Bitcoin to a wider audience. It can also empower users with private and accessible financial tools.
Boltz | Adds Auto Consolidation of UTXOs and Partners with Ark Protocol
Boltz, an HRF grantee and non-custodial Bitcoin service built to facilitate non-KYC swaps between different Bitcoin layers, introduced automatic Unspent Transaction Output (UTXO) consolidation. This feature combines smaller wallet balances into a single balance to help users save on future transaction fees. Additionally, Boltz partnered with Ark, a second-layer Bitcoin protocol, to make moving and adding bitcoin to Lightning Network payment channels much easier. These improvements provide users with greater efficiency at lower costs.
Zeus | New Release Includes Inbound Routing Fees and Improved Privacy
Zeus, a Bitcoin Lightning Wallet, released an update (v0.9.1) that makes it easier for users to control their funds and improve their privacy. One important new feature is support for inbound routing fees. Users who run a Lightning node, a computer that helps process and route payments on the Lightning Network, can set fees for incoming transactions through their node. This makes managing funds easier and keeps payment channels working smoothly. The update also improves privacy for receiving payments by using “blinded paths,” which hide a user’s public key and transaction details.
Ocean | Officially Launches DATUM
Ocean officially launched the Decentralized Alternative Templates for Universal Mining (DATUM) protocol, aiming to help decentralize Bitcoin mining. DATUM allows solo miners to create their own block templates so they don’t have to rely on large, centralizing mining pools. Ocean also open-sourced DATUM’s source code, giving developers and miners the tools to integrate and improve this protocol. By shifting more control to individual miners, DATUM can help protect Bitcoin mining from censorship and centralization.
Fountain | Pay for Anything in Bitcoin With Podcast App
Fountain, a podcast app powered by Bitcoin’s Lightning Network, introduced a new feature that allows users to make payments directly within the app (essentially turning it into a Bitcoin wallet). With this update, users can scan and pay Lightning invoices, making it easy to purchase everyday items, like coffee, with Bitcoin. For activists creating audio content, Fountain offers an exciting opportunity to expand their reach, receive Bitcoin tips from listeners, and spend Bitcoin directly from the app. By leveraging permissionless money, Fountain empowers creators to share their message and speak out against authoritarians while earning and spending bitcoin. However, the wallet in Fountain is custodial, meaning they hold users’ bitcoin on their behalf.
Recommended Content
Technology Powered Freedom — Bitcoin, Ecash & Nostr with Alex Gladstein
In this podcast episode, HRF’s chief strategy officer, Alex Gladstein, joins podcast host Peter McCormack to discuss how HRF supports those living under authoritarian regimes, who often don’t receive widespread coverage or media attention. He also discusses HRF’s support of freedom technologies like Bitcoin, Nostr, and ecash, which provide individuals with tools to preserve privacy and financial autonomy. You can watch the full episode here.
Welcome To The Empowerment Epoch — Bitcoin As The People’s Money by Frank Corva
In an article for Bitcoin Magazine, Frank Corva discusses how Bitcoin is evolving into a lifeline for those living under oppressive regimes. Corva highlights how in recent years, Bitcoin is less volatile and increasingly used for human rights purposes, such as empowering African women through Bitcoin Dada and fostering a circular economy in Ghana with Bitcoin Dua. Corva also points to activists like Lyudmyla Kozlovska, who advocate for Bitcoin as money of last resort for political dissidents and human rights defenders, as well as technologies like Machankura that enable Africans to use Bitcoin without an Internet connection. As the world grapples with growing financial repression, Bitcoin’s role as “the people’s money” is more essential than ever.
Vote for HRF’s CBDC Tracker in this Year’s Anthem Awards
Vote for the CBDC Tracker to help HRF win this year’s Anthem Award, which honors social impact work across human rights, health, diversity, inclusion, and sustainability. The CBDC Tracker highlights the growing risks of government-controlled digital currencies and their impact on individual civil liberties. By voting, you will help raise awareness about the dangers CBDCs pose to financial autonomy, privacy, and human rights worldwide.
Webinar Series: How to Use Bitcoin for NGOs
HRF will host a three-day long webinar designed specifically to teach human rights defenders and nonprofit organizations how to integrate Bitcoin into their work to challenge state censorship and confiscation. From Nov. 4-6, 10:30 EDT to 12:00 EDT daily, participants will learn what Bitcoin is, how it counters financial repression, how to make payments, and how to maintain financial privacy under surveillant regimes. If you’re an activist or a nonprofit organization, we invite you to apply here.
– If this email was forwarded to you and you enjoyed reading it, please consider subscribing to the Financial Freedom Report here.
– Support the newsletter by donating bitcoin to HRF’s Financial Freedom program via BTCPay.
Want to contribute to the newsletter? Submit tips, stories, news, and ideas by emailing ffreport@hrf.org.
The Bitcoin Development Fund (BDF) is accepting grant proposals on an ongoing basis. The Bitcoin Development Fund is looking to support Bitcoin developers, community builders, and educators. Submit proposals here.