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Did Paraguay just make Bitcoin legal tender? Suspected hack of president’s X account sparks confusion

Did Paraguay just make Bitcoin legal tender? Suspected hack of president’s X account sparks confusion

Paraguay's government has reported suspicious behavior on President Peña’s X account.

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by Vivian Nguyen

Paraguayan President Santiago Peña’s X account on Monday posted an announcement claiming that Bitcoin had become legal tender in the country. However, the post raised immediate suspicions of a potential hack, as no official confirmation had been made from government sources.

The absence of the policy on official government websites and local media, the non-standard decree formatting, and the unusual promotional language targeting investors also raised red flags as soon as it surfaced.

The post declared a $5 million Bitcoin reserve and a national bond program for crypto-enabled citizens, featuring what appeared to be an official decree with the Paraguayan coat of arms. The announcement stated that Bitcoin would be integrated into the national financial system alongside the Guaraní.

President Peña’s X account showed irregular activity, Paraguay officials confirmed in a statement.

This is a developing story.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
REGULATION

Did Paraguay just make Bitcoin legal tender? Suspected hack of president’s X account sparks confusion

Did Paraguay just make Bitcoin legal tender? Suspected hack of president’s X account sparks confusion

Paraguay's government has reported suspicious behavior on President Peña’s X account.

by Vivian Nguyen

Share

Add us on Google

Paraguayan President Santiago Peña’s X account on Monday posted an announcement claiming that Bitcoin had become legal tender in the country. However, the post raised immediate suspicions of a potential hack, as no official confirmation had been made from government sources.

The absence of the policy on official government websites and local media, the non-standard decree formatting, and the unusual promotional language targeting investors also raised red flags as soon as it surfaced.

The post declared a $5 million Bitcoin reserve and a national bond program for crypto-enabled citizens, featuring what appeared to be an official decree with the Paraguayan coat of arms. The announcement stated that Bitcoin would be integrated into the national financial system alongside the Guaraní.

President Peña’s X account showed irregular activity, Paraguay officials confirmed in a statement.

This is a developing story.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.