Hacked Post Claims Bitcoin Legal in Paraguay

While the hoax caused a brief stir, official responses quickly clarified the situation. No legislation changes occurred, leaving BTC and the Guaraní unchanged.

The Security Breach Incident

The incident began when a post on President Peña’s X account proclaimed Bitcoin as legal tender in Paraguay. The Paraguayan government swiftly responded, attributing the post to a security breach.

Presidencia Paraguay, Government of Paraguay: “Users should not consider any recent content from the President’s account without official confirmation. We are investigating unauthorized access with X and reiterate that official information is communicated only through verified governmental channels.” source

The Reaction from the Crypto Community

The immediate reactions within the crypto community highlighted the false claim’s implausibility. Official Paraguayan sources maintained that any significant updates would be communicated through accredited channels.

Market Impact

Although the market experienced initial speculative interest, the government’s prompt clarification stifled any sustained impact. No notable changes in BTC or related digital assets were observed.

Global Interest in Bitcoin Adoption

The incident reflects lingering interest in Bitcoin’s potential adoption globally, drawing comparisons to El Salvador’s precedent in 2021. Yet, Paraguay’s situation remains unchanged, reaffirming existing currency frameworks without legislative shifts.

Conclusion and Future Measures

Official investigations continue, focusing on reinforcing account security to prevent future misinformation. As of now, Bitcoin remains one of many crypto assets those intrigued by national policy considerations observe closely.