Paraguay Freezes millions of bank Accounts

washingtonpost.com

10 pointsnephihaha5 comments

Can't do that with a crypto wallet.

Unless you're Binance (most recently)

That is a cryptocurreny exchange. Not a self-custody crypto wallet.

The crickets here goes to show that if millions of peoples bank accounts (or business accounts) could not withdraw their money in the US, well it will be a massive problem.

The last time that a major event like this happened was SVB, and First Republic Bank all failed and people could not withdraw their money.

But of course in this case (Paraguay) no-one cares.

In practice, an exchange account is the most convenient type of wallet, so that is what people will use. You don't get to pretend the ecosystem isn't what it is, and then make sanctimonious statements. Supporters of the Paraguay banking system could just as easily claim these bank accounts weren't really bank accounts.

crypto is for criming.

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