A viral social media post claiming that Paraguay had adopted Bitcoin as legal tender sent shockwaves through the crypto world this week. Published from the verified X account of President Santiago Peña, the message appeared official and even included a presidential “announcement” about a national BTC reserve and bond access for citizens. But within hours, the government issued a formal warning, stating that the account had been compromised and that no such law had been passed.
The situation has raised serious questions about how easily crypto misinformation can spread, especially when it appears to come from credible political figures. So—what actually happened, and what is Paraguay’s real position on Bitcoin?
Official Account Hacked as Paraguay Denies Bitcoin Legal Tender Claim
Confusion erupted in the crypto world after a post from the verified X account of President Santiago Peña claimed that Paraguay had adopted Bitcoin as legal tender. The message quickly went viral, asserting the country had established a $5 million BTC reserve and opened bond access for crypto-enabled citizens.
But just hours later, the Presidency of Paraguay issued an official statement clarifying that the post was false. According to the government, the presidential X account experienced unauthorized activity, and the public was urged to disregard the message.
“We inform the public that the official account of the President has shown irregular activity suggesting a possible unauthorized access,” reads the official communiqué published on June 9.
The incident immediately raised concerns about cybersecurity risks, misinformation in crypto markets, and the speed at which false announcements can affect investor behavior.
Fake Bitcoin Announcement Triggers Market Buzz, Then Fallout
The fake post from the hacked account was formatted professionally, even including an image of a mock government resolution titled “Discurso Presidencial Sobre la Legalización del Bitcoin como Curso Legal”. The post also listed a Bitcoin wallet address, suggesting a clear scam attempt masked as a national initiative.
Many crypto influencers reacted quickly, some celebrating Paraguay’s supposed move, while others flagged inconsistencies. Within hours, the presidency responded, working with CERTPY (Paraguay’s national cybersecurity team) and platform support to recover the account.
No official crypto policy change has been announced. Paraguay, while involved in Bitcoin mining discussions due to its hydroelectric surplus, has not legalized Bitcoin as legal tender.
Final Thoughts: Bitcoin Legal Tender Rumor in Paraguay Exposed as Fake
This incident shows how easily fake announcements—especially those originating from compromised official accounts—can spread in the crypto world. It also underscores the importance of verifying government policy changes through official and trusted sources.Paraguay continues to explore its stance on crypto, but as of now, Bitcoin is not legal tender in the country. The government urges caution, especially when social media is used as a primary source of breaking news in the financial space.
