Paraguay Government Flags Suspicious Bitcoin Announcement on President’s X Account
Paraguay’s government has issued a warning after a strange and unexpected post appeared on the official X account of President Santiago Peña. The message claimed that Paraguay had officially recognised Bitcoin as legal tender, a move that would allow the cryptocurrency to be used alongside the country’s official currency for everyday transactions. Along with this announcement, the post shared a Bitcoin wallet address and said the government had created a $5 million Bitcoin reserve.
Image 1: Bitcoin (Source: Mint)
Immediate Government Reaction and Investigation
The announcement caused quite a stir, as it seemed to mark a major change in Paraguay’s financial policy. However, the excitement was short-lived. Minutes after the post was published on the President’s personal X account, the official account representing the Office of the President stepped in with a message urging people not to believe any recent posts unless they came through official and confirmed government channels.
This quick response made it clear that the government was treating the post with great caution. Officials confirmed they were working closely with X, the social media platform formerly known as Twitter, to investigate the situation. The priority was to identify whether the President’s account had been hacked or if the post was made in error.
Comunicado oficial. pic.twitter.com/Bk3XI6ohpp
— Presidencia Paraguay (@PresidenciaPy) June 9, 2025
The suspicious post was soon deleted from President Peña’s account, but by that time, the content had already circulated widely. The government’s warning aimed to prevent any further confusion or panic among the public, particularly because the announcement involved both a cryptocurrency wallet and a significant financial claim about a Bitcoin reserve.
Questions Over Account Security and Legal Authority
The circumstances raised immediate concerns about the security of the President’s account. Many experts and users in the cryptocurrency community suspected the post was the result of hacking. The presence of a Bitcoin wallet address, inviting people to send funds, is a common tactic used by hackers trying to scam individuals.
This kind of scam has been seen before on social media platforms. High-profile accounts, including those belonging to politicians and celebrities, have been compromised in the past to spread false information about cryptocurrency adoption or financial products. These fake announcements can create waves in the markets and put unwary users at risk of financial loss.
Aside from potential hacking, there is another important factor to consider: Paraguay’s constitutional rules. According to the country’s constitution, only Congress has the power to declare what counts as legal tender. This means the President cannot unilaterally decide to make Bitcoin official currency. Any such declaration without the approval of the legislative body would not be legally valid.
Therefore, even if the announcement had been genuine, it would have lacked the proper legal foundation to take effect. The government has not indicated any formal plans to bring Bitcoin into Paraguay’s monetary system, and the post does not reflect an official policy change.
Image 2 (Source: Unsplash)
Regional Context and Cautions Moving Forward
This event comes at a time when some countries in Latin America are exploring the role of cryptocurrencies in their economies. El Salvador made international headlines when it adopted Bitcoin as legal tender in 2021, becoming the first country to do so. That decision has been controversial, with debates about its legal and economic implications continuing to this day.
The incident serves as a reminder of the dangers posed by misinformation and cyber attacks on social media platforms, especially when they involve government figures and financial topics. Governments and individuals alike need to be vigilant against the spread of false information that can affect markets and public trust.
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Paraguayan officials have urged citizens to rely exclusively on verified government sources for news related to the country’s monetary policy or investment opportunities. They have also warned against sending money or cryptocurrency to wallet addresses shared through unofficial or suspicious posts.
At present, Bitcoin remains unofficial and unrecognised as legal tender in Paraguay. The public is advised to be cautious, especially given the potential financial risks involved in responding to fraudulent or misleading social media messages.
