Key Takeaways:
- A fake social media post falsely claimed Paraguay adopted Bitcoin as legal tender and created a $5 million reserve.
- The Paraguayan government quickly refuted the claim, urging reliance on official communication channels.
- Authorities are investigating the impersonation, highlighting ongoing regional interest in Bitcoin despite scrutiny.
Paraguayan officials have issued a public warning urging citizens to ignore a misleading social media post that falsely claimed the country had adopted Bitcoin as legal tender.
The post, shared on X from an account impersonating President Santiago Peña, announced the adoption and alleged the creation of a $5 million Bitcoin reserve, even including a wallet address for people to “secure [their] stake.”
NO BITCOIN LEGAL TENDER IN PARAGUAY 🇵🇾 @PresidenciaPy alerts “irregular activity” and suggests “unauthorized access” 👇 regarding President @SantiPenap’s recent posts. https://t.co/2mQlPot7jC
— Javier ₿astardo🍐🏴☠️ (@criptobastardo) June 9, 2025
The official X account of the Paraguayan presidency swiftly responded, advising the public to dismiss any such announcements unless released through verified government channels.
The original post was deleted, but the government’s correction remains online.
Authorities are now collaborating with the platform to investigate the incident and prevent further misinformation.
This hoax comes amid a broader wave of interest in Bitcoin adoption across Latin America, with countries looking at El Salvador’s precedent, which declared Bitcoin legal tender in 2021.
However, El Salvador’s decision has faced criticism, particularly after a 2024 agreement with the International Monetary Fund raised concerns about the move.
Paraguay’s government reiterated that only official statements should be trusted in matters of national policy.
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