Paraguay Protests Over Bank Lockout Intensify as Impeachment Vote Nears
Paraguay’s Ueno Bank locked about 3 million customers out of their accounts and held an estimated $800 million to $850 million in public funds, including pension and health money. Protests erupted in Asunción as savers demanded access to their funds. The crisis has triggered a political upheaval: President Santiago Peña faces impeachment, senior officials have resigned, eight Ueno executives have been arrested, and prosecutors are investigating Peña’s possible role, which he denies. A new law requires most deposits to be returned within five business days, but initial guarantee payments are limited to smaller accounts without debts to the bank. Bitcoin advocates cited the crisis as an argument for self-custody and alternative payment rails.
