The slogan “Bitcoin fixes this” became part of the online response to Paraguay’s banking crisis, as crypto figures pointed to the lockout of about 3 million Ueno Bank customers as an argument for alternatives to traditional banks. On the streets of Asunción, however, protesters’ immediate demand was simpler: return their money.
Decrypt’s report, published November 7, 2026, at 03:16:03 UTC+8, described thousands marching that week as the crisis threatened President Santiago Peña’s tenure. The report was published ahead of a planned Friday-night Senate removal vote; it did not establish the vote’s outcome.
A self-custody narrative, against a public-money crisis
Bitcoin advocates used the account lockouts to promote decentralization and self-custody. JAN3 founder Samson Mow argued that access to Bitcoin alongside the banking system could reduce the impact of bank failures.
“Bitcoin adoption at a nation-state level can mitigate these types of situations,” Mow wrote on November 5. “If BTC is available to the people as a parallel rail, then systemic banking failures have far less impact.”
Aave founder Stani Kulechov similarly wrote: “Bitcoin matters now more than ever. Look at Paraguay today.”
These were advocates’ interpretations of the crisis—not evidence that Bitcoin had restored access to depositors’ funds or resolved the bank’s problems.
The reported lockout affected roughly 60% of Paraguay’s adults. According to AP reporting cited by Decrypt, Ueno also held $800 million to $850 million in public money, including state pension and health funds. The stakes therefore extended beyond individual account holders to public services and retirees.
Protesters reject a political appearance
Outside Ueno’s Asunción headquarters on Thursday night, savers burned debit and credit cards. Former presidential candidate Paraguayo “Payo” Cubas tried to join the demonstration but was booed, shoved and forced out, according to the reporting cited by Decrypt.
Protesters shouted “divisor” and “oportunista”—“divider” and “opportunist”—accusing him of seeking political advantage from their anger. Diario Hoy reported that demonstrators also blamed Cubas for putting Zenaida Delgado and Javier Vera on his party’s legislative ticket, saying both subsequently joined the government’s side after taking office.
Police used water cannons and tear gas on marchers near Congress. The Federation of Educators of Paraguay called a national strike and march for Monday, November 9, according to Diario Hoy.
An unresolved political and financial reckoning
Peña, a shareholder in Ueno’s holding company until March 2025, submitted his resignation on Thursday. According to La Nación, the joint congressional session called to accept it adjourned without a quorum. Peña then said he would face impeachment and defend himself.
The lower house had voted 78–0 to open impeachment proceedings. On Friday, the Senate rejected his request for 72 additional hours to prepare his defense. ABC Color reported that a removal vote was planned for Friday night, with Vice President Pedro Alliana next in line.
Colorado Party leader Horacio Cartes, Peña’s former political mentor, withdrew his support and backed impeachment. “We will not be on the side of the plunder of public, private and retirees’ funds,” he said.
La Nación’s Friday update reported that Interior Minister Enrique Riera and central bank president Carlos Carvallo had resigned and that eight Ueno executives had been arrested. Prosecutors also opened a criminal investigation into Peña’s possible responsibility for the bank’s irregularities, which he denies.
A new law required most deposits to be returned within five business days, but protesters remained dissatisfied. The central bank said its deposit guarantee covered up to 228.3 million guaraníes per person, about $36,000. Yet, as Decrypt had previously reported, the initial payouts would reach only accounts holding up to 10 million guaraníes—around $1,600—with no debts to Ueno.
That distinction separates the online slogan from the documented demands on the street: crypto advocates were debating alternative financial rails, while affected savers were still seeking access to money already entrusted to a bank.
Original source: Decrypt — “Paraguay Protests Over Bank Lockout Intensify as Impeachment Vote Nears”.