Asunción:Paraguayan President Santiago Peña resigned on Thursday after the collapse of digital lender Ueno triggered a political and financial crisis and froze access to millions of accounts.

According to Wam, Peña stepped down hours before lawmakers moved ahead with impeachment proceedings.

In a recorded video address, Peña stated that his resignation was motivated by "the stability of our country, social peace, and the need to preserve our democratic institutions."

The Central Bank of Paraguay reported that Ueno's solvency ratio, affecting its 2.9 million customers, had fallen below 50 percent of the required minimum.