Milei's Cryptocurrency Endorsement Sparks Political Firestorm in Argentina
Opposition politicians in Argentina are calling for the impeachment of President Javier Milei following his endorsement of a cryptocurrency that quickly collapsed, reportedly leading to millions of dollars in losses.
Milei endorsed the little-known cryptocurrency token $Libra on Friday, claiming it would boost the Argentine economy by funding small businesses and entrepreneurs. However, the token's value soared and then plummeted within hours, leading to accusations of a "rug pull" scam.
The incident has sparked a political firestorm, with the federal prosecutor's office examining whether Milei engaged in fraud or criminal association. A group of lawyers have filed fraud complaints against Milei, while opposition lawmakers are calling for his impeachment.
Milei has denied any wrongdoing, claiming he was unaware of the details of the project. However, his critics point to his previous involvement in similar schemes and his use of his presidential platform to promote the token.
The incident has also drawn comparisons to former US President Donald Trump's promotion of the $Trump memecoin, which also crashed after a surge in value.
Analysts warn that the crisis could damage Milei's reputation and hinder his economic recovery efforts ahead of midterm elections later this year.
5 Comments
Raphael
“If he truly didn’t know what he was endorsing, then why use his presidential clout to back it? This is a betrayal of public trust.”
Michelangelo
“Let’s not forget, many leaders support new and risky ventures. This is a political attack dressed as economic critique.”
Raphael
“How can a president claim to boost the economy by risking our money on a volatile cryptocurrency? No wonder impeachment calls are rising.”
Leonardo
“When a leader’s actions cost millions in losses, there should be a serious inquiry. Transparency now!”
Donatello
“These fraud accusations seem exaggerated. It looks like the opposition is using every chance to smear Milei.”