Paraguay President Santiago Peña’s X Account Suddenly Announced Last Night (9th) that Paraguay Officially Recognizes Bitcoin as Legal Tender
However, this news was quickly clarified as fake news by international media. According to reports from Reuters and Bloomberg, the Paraguayan government stated that President Santiago Peña’s X account had been hacked, and the announcement regarding Bitcoin as legal tender was not true.
(Background: Taiwan’s Central Bank Mocked El Salvador: It’s Ironic to Repeal Bitcoin Legalization, Netizens Retorted “After Running Last, You Still Dare to Laugh at the First Place Falling Down”)
(Background Supplement: The Dream of the Bitcoin Kingdom Awakens! El Salvador Quietly Amends Law, Becoming the First Country in the World to Repeal BTC Legal Tender Status)
Details of the Announcement
Last night (9th), President Santiago Peña’s X account suddenly released a significant announcement, claiming that Paraguay officially recognized Bitcoin as legal tender. The tweet read as follows:
Official Announcement: Paraguay officially recognizes Bitcoin as legal tender! President Peña confirms holding a Bitcoin reserve of 5 million dollars and opens up bond applications for cryptocurrency users. Investors, please note: your investment today will determine the scale of this plan’s promotion. Ensure your place in Bitcoin now: bc1qagwvrs6h36px575drx4pngaruyundgj0aat9xz.
Accompanying the tweet was an image statement in which President Peña further stated:
My fellow Paraguayans:
Today, I stand before you with immense pride and a sense of responsibility to announce a historic milestone in our country’s economic transformation. As President of the Republic of Paraguay, after rigorous evaluation, consultation with economic experts, and careful scrutiny of the potential impacts on our GDP, I have enacted a law formally recognizing Bitcoin as legal tender in our country. This bold decision is rooted in our steadfast commitment to financial innovation, economic sovereignty, and inclusive growth. By incorporating Bitcoin into our legal tender system, our primary goal is to enhance financial inclusion, particularly for those unbanked in our country, and reduce our dependency on the dollar by strengthening Bitcoin’s global value and bolstering our position in the global economy. To ensure the smooth launch and success of this initiative, the government has established and maintained a Bitcoin reserve valued at 5 million dollars, which will serve as a new pillar for our national finances. This reserve reflects our strong commitment to financial freedom and future-oriented economic policies. Additionally, the government has decided to issue bonds available for our country’s cryptocurrency users to ensure economic stability across various sectors. These bonds will be based on cryptocurrency payments (specifically Bitcoin). Those interested in securing a share should contact the relevant personnel in the Ministry of Finance.
International Media Denies: President’s Account Hacked, Investors Should Remain Cautious
However, this news was soon clarified by international media as fake news. According to reports from Reuters and Bloomberg, the Paraguayan government stated that President Santiago Peña’s X account had been hacked, and the announcement regarding Bitcoin as legal tender was not real. This incident misled some journalists and investors, causing volatility in the market. The Paraguayan government confirmed through official channels that there was “abnormal activity” on the president’s account and an investigation has been launched. However, as of now, the tweet on President Santiago Peña’s X account has not been deleted. Experts remind investors to remain cautious when encountering similar news and to verify sources to avoid falling into scams.
Overview of Paraguay
The Republic of Paraguay is located in the central part of South America and is a landlocked country. It borders Brazil to the northeast, Argentina to the south and southwest, and Bolivia to the northwest. Paraguay’s economy is primarily based on agriculture and livestock, with a relatively weak industrial foundation. The country is multicultural and bilingual, with Spanish and Guarani as the official languages; 87% of the population can speak Guarani. Paraguay is a member of the Southern Common Market and the Union of South American Nations, and its economy is significantly affected by climate and international primary product prices, making it one of the more underdeveloped countries in Latin America.
Related Reports
Bitfinex Analyst: If the Federal Reserve Cuts Rates Early, Bitcoin Could Soar in June!
Can Bitcoin Continue to Write New Historical Highs? BTC Search Popularity is Tepid, Volatility Approaches Lowest Level in Two Years.
U.S. Military High-Ranking Officials Support Bitcoin? Senator Lummis Reveals ###TC Strategic Reserve Military Value.