By Cody Ellingham

In today's interconnected world financial autonomy is critical. The ability to transact freely is not just an economic consideration but a crucial enabler of all other human rights. When individuals and communities are denied access to the financial system, their ability to exercise freedom of expression, access healthcare, or even secure basic needs is threatened. Unfortunately this is the stark reality for many marginalised groups worldwide.

The Growing Threat of Financial Censorship

The increasing centralisation of money and money platforms, coupled with advancements in censorship technology, makes it easier than ever for states to exclude certain groups from the financial system. Governments and international organisations can control who has access to financial services, what transactions are permitted, and who is allowed to send and receive money.

Whether it is sanctions against other states, internal repression, or targetted deplatforming, the capability to remove people from the financial system is a growing threat. In particular the ability to halt or restrict cross-border international payments has grown dramatically. 

As a result, countless individuals and organisations, particularly in politically unstable or oppressive regions find themselves effectively cut off from the global economy.

How Bitcoin Offers a Solution

Bitcoin is a decentralised digital peer-to-peer currency that has been operating since 2009. Bitcoin presents a powerful tool for combating financial exclusion. Because Bitcoin is a permissionless form of money it operates outside the control of any single authority or government. 

Unlike speculative cryptocurrencies or stablecoins, Bitcoin is highly liquid, widely accepted, and functions as money and a final bearer asset — meaning ownership is absolute, and transactions are irreversible. No individual or organisation can censor or block a Bitcoin transaction, and though it can be volatile at times, it has shown to be an excellent store of value over the long term.

With any number of free and open-source apps like Blue Wallet or Phoenix, anyone with an entry-level smartphone can securely send and receive Bitcoin. These apps provide access to the decentralised Bitcoin network, but the actual ownership of the funds is tied to a user's private key — a unique 12 or 24-word secret phrase generated by their wallet. Even if a person’s phone is confiscated, their wealth remains accessible as long as they have a secure copy of their private key or have it memorised. This ability to secure and transport value beyond the reach of physical control is a game-changer for those living under oppressive regimes or in conflict zones.

Financial Inclusion Beyond Borders

Bitcoin offers an alternative pathway to financial inclusion, especially for those living in countries facing severe economic crises, sanctions, or capital controls. In many cases, authoritarian regimes impose strict limitations on currency exchanges and cross-border transactions to maintain control over their economies. This often leaves citizens without access to stable currencies for purchasing goods or securing savings against inflation.

Bitcoin provides a borderless solution that lets individuals send, receive, and exchange value without intermediaries. 

Though there is an argument for the use of stablecoins which are a form of synthetic currency pegged to a nation-state currency (usually US Dollar-denominated), these all share the issue of being censorable and confiscatable and are at the whims of the United States Government.

In regions where traditional financial systems have failed or are inaccessible, Bitcoin can be used natively, or converted into fiat currency in-country through peer-to-peer exchanges for transactions.

For those fleeing conflict or repression, Bitcoin can serve as a last resort. Unlike physical assets that may be seized or devalued, Bitcoin allows refugees to carry their wealth across borders discreetly and securely. It also offers a way to preserve and protect their savings from inflation, which has ravaged countries like Egypt, Argentina, Lebanon, and Turkey in recent years.

Real-Life Stories of Bitcoin’s Impact

Cody Ellingham, host of the New Zealand-based Transformation of Value Podcast, recently spoke with Win Ko Ko Aung of the Human Rights Foundation who shared his journey from Myanmar to the United States via Thailand with the help of Bitcoin. 

In Myanmar, following a military coup in 2021, many activists and organisations were cut off from the formal financial system. With access to banking services restricted, Bitcoin has emerged as an alternative means for people to move money and access funds globally. It provides an uncensorable channel for transferring value, vital for activists working under constant threat of government surveillance and financial blacklisting.

Win Ko Ko’s story illustrates the immense potential of Bitcoin as a tool for freedom — enabling him to transport his wealth safely across borders and navigate financial restrictions imposed by an authoritarian regime.

This is just one example of how Bitcoin is already making a difference. From Gaza to Ukraine, and among refugee communities worldwide, there are growing numbers of people discovering how this technology can offer a lifeline in times of crisis. While Bitcoin is still in the early stages of adoption, increasing awareness and education around its benefits can empower more individuals to utilise it effectively.

Bitcoin: A Tool for Financial Freedom

Bitcoin's potential to uphold financial freedom and human rights is vast. For many people worldwide, Bitcoin represents a new form of sovereignty over their own money, free from the constraints of state control, censorship, and economic instability. It is a tool that can empower the powerless, offering them an opportunity to reclaim control over their financial lives.

As awareness grows and more people become educated about the benefits of Bitcoin, it could play an increasingly significant role in promoting human rights, providing financial inclusion, and offering a new way forward for those left out by traditional financial systems. 

Understanding Bitcoin and associated freedom technology could be an important step toward a future where financial freedom is a universal right.

Further Reading

Bitcoin's Role In Human Rights And Global Empowerment - Forbes

Bitcoin Is Becoming A Lifeline For Political Dissidents In Myanmar - Bitcoin Magazine / Win Ko Ko Aung

Human Rights Foundation on Bitcoin