Paraguay Denies Bitcoin Legal Tender Claims Following Social Media Post Hack

A recent social media post claiming Paraguay had adopted Bitcoin as legal tender and taken other steps to integrate cryptocurrency has been refuted by the country’s government. The post, which was quickly circulated before officials clarified its falseness, outlined plans such as a $5 million BTC reserve, crypto asset bond access, and mirroring El Salvador’s 2021 Bitcoin strategy. Despite this, authorities have stressed that no such initiatives are currently under development. Their focus remains on regulating cryptocurrency mining and exchanges to bolster tax collection and maintain regulatory oversight of the sector.