Bitcoin is beloved by activists, especially those fighting for freedom in nations like Russia, Togo, and Venezuela. They highlight the importance of financial independence in areas where using local currency allows governments to monitor and suppress dissent.
Despite its controversies and the negative perception stemming from high-profile scandals, such as the trial of crypto icon Sam Bankman-Fried in 2023—who is currently serving a 25-year sentence for investor fraud—fraud and scams are not exclusive to cryptocurrencies. The Federal Trade Commission recently reported consumer losses in the U.S. totaling $10 billion, attributed to traditional currency incidents.
Ultimately, bitcoin serves as a form of currency and empowerment for those living under authoritarian regimes, as highlighted during a panel led by Arsh Molu, the director of Financial Freedoms at the Human Rights Foundation, at the 12th annual Bitcoin Expo at the Massachusetts Institute of Technology on April 6.
“In my country, we are under one of the oldest military regimes in sub-Saharan Africa, supported by the French government. Money is central to our fight for freedom,” stated Togolese activist Farida Nabourema.
In Togo, the local currency is managed by France, its former colonizer. The West African CFA (franc), utilized in many former colonies, is overseen by the French treasury, which retains more than 50% of the nation’s foreign reserves. Nabourema elaborated on how French banks frequently redirect CFA funds to support their economy, disadvantaging Togolese citizens and benefiting government officials.
Anna Chekhovich, serving as the financial director for the late Russian activist and political prisoner Alexei Navalny’s Anti-Corruption Foundation, now operating from Lithuania, has utilized bitcoin since 2015. Due to the organization’s exile status and being labeled “extremists” by Vladimir Putin’s regime, its members face bans from Russian banks; Chekhovich herself functions without a bank account.
“I began my journey in Russia, constantly monitored by the regime. The banking system is weaponized against activists like me. Every transaction and payment detail is used to target us,” explained Chekhovich.
With the ACF’s connections to Russia, Chekhovich noted the challenges they face in securing credit lines within Western banking, as Putin’s regime closely monitors transactions, even from expatriates. Supporters face the risk of imprisonment for contributing, according to Chekhovich.
In such circumstances, bitcoin becomes a viable solution. It’s untraceable and beyond the reach of authorities, states Chinese-Canadian journalist Roger Huang, who has reported on cryptocurrency since 2014.
“Even in Hong Kong, activists discovered that their subway movements were being tracked by the police, prompting many to explore alternatives beyond the Hong Kong dollar,” noted Huang.
Though Chinese citizens can accumulate wealth, their ability to move that money outside the Chinese system is severely limited. The Chinese central bank restricts individuals to converting no more than $50,000 USD worth of foreign currency annually. Despite the PRC prohibiting bitcoin multiple times, it repeatedly resurfaces stronger. According to Huang, for many young Chinese, cryptocurrency represents a path outside conventional exchange rates.
Jorge Jraissati, who escaped Venezuela with bitcoin after leading protests against President Nicolás Maduro’s regime, oversees the Economic Inclusion Group, which combats corruption and financial collapse in the country.
“We have endured 25 years of a brutal dictatorship characterized by economic exclusion, debanking, and financial oppression,” Jraissati remarked.
He emphasizes that standing against these issues in America effectively supports the cause of democracy.
“We recognize that our quest for political freedom also entails economic decolonization. We utilize [bitcoin] to fight against the systems that have kept us oppressed,” added Chekhovich.
