Argentina’s President Javier Milei is under fire after endorsing a cryptocurrency that collapsed, resulting in millions of dollars in losses for investors. The token, $Libra, was touted by Milei as a way to boost the Argentine economy, but it quickly soared in value before plummeting. Experts say the move could be a scam or Ponzi scheme.
Milei deleted his post hours later, claiming he was unaware of the project’s details, but the scandal has sparked a political firestorm. Opposition lawmakers are calling for his impeachment, citing the incident as a breach of his duties and potential fraud. The federal prosecutor’s office will examine whether Milei engaged in criminal association or breached his duties.
The crisis has also damaged Milei’s reputation as an anti-corruption leader ahead of midterm elections later this year. Analysts warn that the incident could discourage investment in Argentina, which has seen a surge in cryptocurrency adoption in recent years due to its economic crisis and soaring inflation rates.
Source: https://www.theguardian.com/world/2025/feb/17/argentinia-opposition-impeachment-milei-cryptocurrency-collapse