đŚ Paraguay's largest digital bank just got seized â and 3 million people lost access to their money
That's almost 60% of the country's adult population locked out of accounts, cards and transfers
Ueno Bank was taken over after its solvency ratio fell below half the legal minimum. 13 mutual funds have reportedly frozen withdrawals, Ueno's bonds are suspended, and nearly $380M of state pension money is caught in it
Here's the part that matters: Ueno handled two-thirds of card payments at major stores â the importers' association calls retail activity "semi-paralyzed"
Customers were told they can recover up to $1,700 initially, with no payment date given. The central bank chief Carlos Carvallo has resigned, and 8 executives were arrested over suspected breach of trust
This is what a single point of failure looks like when it sits inside a country's payment rails
Watching whether this stays contained to Paraguay or becomes the template everyone starts pricing in
$MAGMA $ON $1000CAT
That's almost 60% of the country's adult population locked out of accounts, cards and transfers
Ueno Bank was taken over after its solvency ratio fell below half the legal minimum. 13 mutual funds have reportedly frozen withdrawals, Ueno's bonds are suspended, and nearly $380M of state pension money is caught in it
Here's the part that matters: Ueno handled two-thirds of card payments at major stores â the importers' association calls retail activity "semi-paralyzed"
Customers were told they can recover up to $1,700 initially, with no payment date given. The central bank chief Carlos Carvallo has resigned, and 8 executives were arrested over suspected breach of trust
This is what a single point of failure looks like when it sits inside a country's payment rails
Watching whether this stays contained to Paraguay or becomes the template everyone starts pricing in
$MAGMA $ON $1000CAT
