Paraguay's central bank put Ueno Bank into resolution on 2 November. Since then, around three million customers have been locked out of their accounts in a country of 6.5 million people. On Thursday, 5 November, President Santiago Peña handed in his resignation, which has not been accepted so far. On the currency market, the guaraní has lost 7.6 percent of its value against the dollar since the intervention.
The banking crisis in Paraguay lands in a week full of alarming headlines: a list of bank hacks in 15 countries is going viral on X, AI stocks crashed on Wall Street, and Bitcoin fell with them. Here is what holds up and what crypto can do in a situation like this, beyond being an investment. If you want to secure your own coins first, our hardware wallet comparison is the place to start.
What happened at Ueno Bank in Paraguay?
Ueno Bank is insolvent. On 2 November, the central bank's board unanimously decided to open resolution proceedings under deposit guarantee law 2334/03, reports the Argentine newspaper Read Entire Article
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