Ueno Bank Collapse: 3 Million Paraguayans Locked Out, and Why Bitcoin Can’t Do That to You

My feed has been one story all day. Paraguay’s biggest digital bank is gone, and roughly three million people cannot touch their money. That is about 60% of every adult in the country. Frozen in a single night. I have been to Paraguay exactly once, for a single day. During four months in Brazil I visited Iguaçu Falls from both the Brazilian and Argentine side. Right there, the three countries meet at one point. So I crossed into Paraguay for a day, because why not? Nice people, chaotic border, zero expectation that I would ever write about its banking system.