Argentina’s President, Javier Milei, is facing calls for impeachment after the collapse of a cryptocurrency called LIBRA, which he had endorsed on Twitter. The price of the coin soared after the president’s tweet, but quickly plummeted, causing significant losses for thousands of investors.
Milei had posted about the cryptocurrency in a tweet on X, believing it would encourage economic growth by funding small businesses. However, the move proved disastrous for many investors, who lost substantial amounts of money when the price of the coin collapsed.
Critics are now calling for Milei’s impeachment, citing his role in promoting the cryptocurrency and failing to provide adequate warnings about its risks. The move has sparked widespread outrage among Argentines, who are already struggling with high inflation and economic instability.
The controversy highlights the challenges faced by governments in regulating cryptocurrencies and protecting investors. As the use of digital currencies continues to grow, officials must balance the need for innovation with the need for caution and oversight.
Milei’s government has yet to comment on the situation, but the president is under increasing pressure to take action. With impeachment calls mounting, Milei faces a critical test of his leadership and ability to navigate the complexities of the cryptocurrency market.
Source: https://edition.cnn.com/2025/02/19/world/video/milei-crypto-impeachment-argentina-digvid