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Paraguay’s Central Bank cautions against bitcoin and projects its CBDC

RIO DE JANEIRO, BRAZIL - Fear, uncertainty and doubt (FUD) are the emotions conveyed by the Paraguayan institution's message, which is quite similar to others of its kind in other countries.

The statement points out that cryptocurrencies are not legal tender in the country and emphasizes their volatility, which makes them "high-risk" investments.

Likewise, the text from Paraguay's highest monetary entity states that "cryptocurrencies, as they are not issued by a Central Bank, are not legal tender and have no cancellation force whatsoever." The only valid currency in the country is the guarani, as detailed in the BCP . . .

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