The Argentine Central Bank has basically run out of dollars and is now having bank holidays as they want. Hope the people there realise that banks are not be trusted with your wealth.

The news had just came in that in Argentina the Central Bank is suspending their operations and even stopped any foreign payments from being done. With that they will have yesterday (Saturday) and tomorrow as bank holidays because of their dire situation. And all of this has been looming since a while in Argentina…

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Rough Translation: The Measure of the Centre (Central Bank) that paralysed the exchange market.

Already in march their reserves were at negative $5.13 billion and the Central Bank was very likely already taking the USD from customer deposits at the local banks for themselves to stay liquid throughout but now that obviously is not working either.

How does Crypto come into this? I am personally not a fan myself of the phrase “Bitcoin fixes this“ as people use it in a complete false context often, but this is a case where it would actually be true.

We always have to remember how Crypto started, Satoshi Nakamoto made Bitcoin as a counter against the ongoing banking crisis since 2008 and the bail-outs banks got. For him it was clear that banks should never be trusted, so he made his own that does not need any trust.

Just like the Central Bank in Argentina went on bank holidays once their situation was dire, any bank could do that and you would be locked out of your money and more than that they likely already used up that money for themselves. At Crypto there are no “bank holidays“ and with self-custody only you will have control over your assets.