Paraguay Officials Deny Bitcoin Legal Tender Claims Following Social Media Hoax

Paraguay Officials Deny Bitcoin Legal Tender Claims Following Social Media Hoax

In an alarming incident, a fraudulent post from the official X account of Paraguay's President Santiago Peña erroneously claimed that Bitcoin had been declared legal tender in the country. This misinformation raised immediate concerns about unauthorized access to the President’s account, prompting a cautionary alert from the government.

The now-removed message not only announced the establishment of a purported $5 million Bitcoin reserve fund but also presented a deceptive decree embellished with the national coat of arms, leading many to initially take it at face value. However, the government swiftly noted inconsistencies in the format and tone of the statement, which deviated from standard official communications.

Officials pointed out that no reliable information was issued on established government platforms or state media, which served as significant red flags. Observers, particularly on social media, began to voice their skepticism regarding the authenticity of the claim almost instantly. Following these developments, authorities confirmed that the president’s account exhibited signs of ‘irregular activity’, indicating a probable compromise of the account.

In light of these events, citizens have been urged to disregard the false announcement and to rely on verified updates communicated through recognized official channels. Although El Salvador has famously adopted Bitcoin as legal tender, Paraguay has yet to make any formal move in this direction, further emphasizing the spurious nature of the hoax.

Authorities have pledged to investigate the origin of the account breach while maintaining an open line of communication with the public. As of now, no additional details have emerged regarding how the attack occurred or the identity of those behind it.