Argentine President Javier Milei Faces Impeachment Threat Over Cryptocurrency Controversy
BUENOS AIRES, Argentina — February 15, 2025
Argentine President Javier Milei is now facing the possibility of an impeachment trial following a controversial endorsement of a cryptocurrency that experienced a dramatic and swift decline shortly thereafter. The incident has stirred outrage among opposition lawmakers, who are calling for accountability from the libertarian leader.
On Friday, Milei took to social media platform X to recommend the crypto coin known as $LIBRA, which experienced a significant surge in value, climbing to nearly $5 per coin shortly after his endorsement. However, this spike was short-lived; within hours, the cryptocurrency’s value plummeted to under $1.
The abrupt drop has raised serious concerns regarding the legitimacy of the coin, with Argentina’s fintech chamber suggesting the possibility of a “rug pull.” In such scenarios, developers of a cryptocurrency often attract investments by artificially inflating its value, only to later abandon the project and extract their stake, leaving investors at a loss.
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” stated Leandro Santoro, a lawmaker from the opposition coalition. His comments reflect a growing discontent with Milei’s handling of the situation and his perceived responsibility for influencing public investment decisions.
In response to the backlash, Milei deleted his post about $LIBRA, after reportedly only having it up for a few hours on Friday night. During a subsequent clarification, he expressed that he was initially unaware of the details surrounding the cryptocurrency. “I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity,” Milei explained.
The situation highlights ongoing tensions within the Argentine political landscape as opposition parties seek to challenge Milei’s presidency amid rising scrutiny on his policies and public statements. As discussions of impeachment continue, the incident remains a focal point in Argentina’s dialogue about the future of cryptocurrency regulation and the responsibilities of public officials in promoting financial products.
Reporting by Jorge Otaola; Writing by Kylie Madry; Editing by Chizu Nomiyama.
For more information, stay tuned to our updates as this story develops.
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