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Paraguay Denies Bitcoin Legal Tender Claim After Presidential X Account Hacked

  • A false claim about Paraguay adopting Bitcoin as legal tender, establishing a $5 million BTC reserve, and opening bond access for crypto assets was posted and quickly spread on social media.
  • Paraguayan government officials swiftly denied the validity of the claim, stating that no such policies are in development and that the administration's focus is on regulating cryptocurrency mining and virtual asset exchanges.
  • Authorities are investigating whether the dissemination of the false information was a result of a hack or unauthorized access to official communication channels.
  • This incident highlights the importance of implementing cybersecurity measures for government communications and showcases how misinformation in the crypto space can impact markets and sentiment, even if only temporarily.

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