Calls for Impeachment and Legal Action Against Argentine President Javier Milei

Argentina is currently witnessing a political storm following recent actions taken by President Javier Milei regarding cryptocurrency promotion. The president faces mounting calls for impeachment as well as legal accusations of fraud associated with the promotion of a digital coin known as $LIBRA.

President’s Promotion on Social Media

On Friday, President Milei took to social media platform X, previously known as Twitter, to endorse the $LIBRA coin. In his post, Milei claimed that the cryptocurrency would enable funding for small businesses and start-ups. He included a direct link for followers to purchase the coin, which triggered a surge in its market value. However, the situation quickly turned sour—within hours of his endorsement, President Milei deleted the post and the coin’s value plummeted, resulting in significant losses for those who had invested.

Legal Complaints and Impeachment Proceedings

In light of these developments, some members of the opposition in Congress have indicated their intention to initiate impeachment proceedings against Milei. On the legal front, a group of lawyers filed complaints of fraud in Argentina’s criminal court on Sunday, stating that President Milei’s actions were integral to the alleged misconduct. Jonatan Baldiviezo, one of the plaintiffs behind the legal action, expressed to the Associated Press that the situation constitutes a clear case of fraud.

Online commentators have labeled Milei’s promotion a “rug pull,” a term used to describe scenarios where cryptocurrency promoters attract investors but subsequently halt trading, often absconding with the invested funds. Critics have pointed out that the link provided for purchasing the $LIBRA coin included a phrase commonly used by Milei in his speeches, raising further suspicion about the authenticity of the promotion.

Government Response and Investigation

In response to the backlash, Argentina’s presidential office commented that the removal of the social media post was aimed at curtailing what they described as ‘speculation’ following the public’s reaction to the cryptocurrency launch. They insisted that President Milei was not involved in the coin’s development. Moreover, they stated that the nation’s Anti-Corruption Office would conduct a thorough investigation to ascertain whether any misconduct occurred, possibly involving the president himself.

Political Opponents React

Milei’s political adversaries have quickly seized upon the incident to criticize his administration. Former President Cristina Fernández de Kirchner labeled him a “crypto scammer” in a post that has garnered over 6.4 million views. The main opposition coalition announced plans to file an official request for impeachment, describing the situation as an ‘unprecedented scandal.” Esteban Paulón, a member of the opposition Socialist Party, also signaled his intention to call for impeachment proceedings against Milei.

As the political landscape in Argentina becomes increasingly tumultuous, the forthcoming days will be pivotal in determining how this situation will unfold and what repercussions President Milei may face.