10.06.2025 00:11
Paraguay swiftly refuted a false claim that it had adopted Bitcoin as legal tender, following a breach of President Santiago Peña's official X account. The fraudulent post, appearing during peak North American trading hours on Monday, June 9th, declared Bitcoin's legal tender status, the establishment of a $5 million Bitcoin reserve, and the opening of crypto-asset bond access, echoing El Salvador's 2021 approach. This misleading information rapidly spread across social media before being debunked by government authorities.
A subsequent statement from the Paraguayan government unequivocally denied any such policy developments and emphasized that the X post did not represent the administration's stance or actions. Instead, officials reiterated their ongoing efforts to regulate cryptocurrency mining and virtual asset exchanges, primarily focusing on enhanced tax collection and comprehensive sector oversight. While the cause of the X account compromise—whether hacking or unauthorized access—remained unconfirmed initially, internal investigations were immediately launched.
This incident transpired amidst considerable global attention surrounding Bitcoin adoption by nations and the emergence of central bank digital currencies. Although several Latin American countries have investigated integrating cryptocurrencies into their economies, Paraguay has consistently refrained from expressing any intention to adopt Bitcoin as legal tender. The incident serves as a stark reminder of the critical need for robust cybersecurity measures protecting official government communications. It also underscores the potential for misinformation within the cryptocurrency sphere to briefly sway markets and public opinion.
The false announcement highlights the vulnerabilities of even high-profile government accounts to cyberattacks and the swift impact of false information on the volatile cryptocurrency market. The incident serves as a cautionary tale, emphasizing the importance of verifying information from official channels and the significant consequences of misinformation in the rapidly evolving digital landscape.
