Impeachment Calls and Legal Action Rise Against Argentine President Javier Milei Over Cryptocurrency Promotion
Argentine President Javier Milei is facing mounting pressure as calls for his impeachment grow alongside accusations of fraud linked to his promotion of cryptocurrency on social media. The controversial incident, which has captured public attention, stems from a recent post made by Milei on X, formerly known as Twitter, regarding a digital currency known as $LIBRA coin.
The Controversial Post
On Friday, Milei touted the $LIBRA coin as a potential means to support small businesses and startups in Argentina. He shared a direct link for purchasing the cryptocurrency, which led to an immediate spike in its market value. However, this surge was short-lived; within hours of the post, Milei deleted the tweet, resulting in a dramatic plummet of the coin’s value, leading many investors to incur significant losses.
The swift rise and fall of the $LIBRA coin has prompted allegations from critics who claim that Milei’s actions exhibit characteristics of a "rug pull," a term used in the cryptocurrency space that refers to a scenario where project creators prematurely withdraw support, leaving investors with worthless assets. Observers noted that the link provided in Milei’s post contained a phrase that he often uses in his political speeches, further fueling suspicion about his motivations.
Legal and Political Repercussions
In response to the fallout, several members of the opposition in Congress have voiced their intentions to initiate impeachment proceedings against Milei, labeling the situation as an "unprecedented scandal." The legal ramifications became more serious as complaints of fraud were filed in Argentina’s criminal court on Sunday.
Jonatan Baldiviezo, one of the plaintiffs in the case, asserted to the Associated Press that "the crime of fraud was committed, in which the president’s actions were essential," emphasizing the direct link between Milei’s promotion of the cryptocurrency and the financial repercussions faced by investors.
Former President Cristina Fernández de Kirchner, now a vocal opponent of Milei, expressed her disdain, referring to him as a "crypto scammer" in a widely shared post that garnered 6.4 million views.
In addition, Esteban Paulón, a member of the opposition Socialist Party, confirmed his plans to request the initiation of impeachment proceedings against the president.
Government’s Response
In light of the mounting criticisms, Argentina’s presidential office defended Milei, stating that the tweet’s deletion was a move aimed at mitigating speculation following the public’s reaction to the cryptocurrency’s announcement. Officials asserted that the president was not an investor or a developer of the $LIBRA coin.
The office further announced that the government’s Anti-Corruption Office would launch an investigation to determine whether any improper actions occurred in the situation, including any potential misconduct on the part of the president himself.
As this situation continues to evolve, the implications for Milei’s presidency and the Argentine political landscape are yet to be fully realized. The intersection of politics and cryptocurrency remains a contentious topic, as authorities and citizens alike grapple with the rapid developments surrounding this incident.
Share this article:
