Bitcoin Fixes This? Paraguay President Resigns After Bank Lockout Hits 60% of Country
Summary
Paraguay’s central bank placed Ueno Bank into resolution after its solvency fell below half the legal minimum, freezing access for about 2.9 million customers and roughly $800 million in public-sector deposits. President Santiago Peña announced his resignation, and the lower house voted to impeach him amid scrutiny of his past ties to a company linked to the bank’s owners. The central bank says the failure is isolated and guarantees deposits up to 228.3 million guaraníes, with initial payments aimed at some smaller eligible accounts. The collapse has renewed debate about financial intermediaries and Bitcoin self-custody: controlling private keys avoids a bank’s permission to move funds, but losing keys can mean permanent loss.
