The office of Paraguay's President Santiago Peña seems to deny a post on the social media platform X that announced the country would begin recognizing Bitcoin (BTC) as legal tender.
In a post on X on Monday, the official account of the Paraguayan presidential office asked followers to "ignore any recent posts" unless confirmed by their office.
Just minutes before this post, Santiago's personal X account (posted in English) announced that Paraguay had designated Bitcoin (BTC) as legal tender and established a BTC reserve worth $5 million, while providing a wallet address for investors to "secure their share."
As of the time of publication, both X posts remain visible on the platform, but the presidential office stated it is working with the social media platform to "clarify the situation" and urged the public to consider only information released through official channels.
This X post comes at a time when reports indicate that some countries in Central and South America are considering following El Salvador's example of adopting Bitcoin as a reserve asset. Under President Nayib Bukele's push, El Salvador began recognizing cryptocurrency as legal tender in 2021, although its status remains in a legal gray area following an agreement with the International Monetary Fund in December 2024.
This is a developing story, and more information will be added as it becomes available.
Related: Singapore's crypto regulation upgrade: from a safe haven to a regulatory high ground, do exchanges need to "wander the earth"?
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