President Javier Milei of Argentina admitted to promoting the cryptocurrency $LIBRA, which subsequently crashed. He is now under scrutiny and has initiated an investigation into the matter. Criticism arose from economists and political figures, suggesting fraudulent activity behind the cryptocurrency. Calls for accountability and inquiry into the situation have been made, as substantial financial losses have been reported.
In Argentina, President Javier Milei acknowledged an error regarding the promotion of the cryptocurrency $LIBRA, which he claimed would foster economic growth for small businesses and entrepreneurs. This initiative, however, rapidly escalated and subsequently collapsed, prompting Milei’s office to launch an immediate investigation into the matter.
Milei’s initial support for $LIBRA, shared via his social media account, began with promise but was swiftly undermined as substantial investors began withdrawing their assets. Economists and crypto experts raised alarms, suggesting the cryptocurrency could be a scam or a Ponzi scheme following the abrupt decline within minutes of its peak valuation.
As the situation unfolded, the Argentine presidency stated that Milei would involve the Anti-Corruption Office to ascertain if any government members engaged in improper conduct. The president declared that he had no participation in the cryptocurrency’s creation and outlined plans for an urgent investigation into the matter.
Critics lambasted Milei for his involvement, with former leader Cristina Kirchner referring to him as a “crypto-scammer”. Meanwhile, calls for a special inquiry by the Parliament emerged to establish accountability, even as Milei’s lawyer defended the president’s intentions to promote economic development without any criminal intent.
Experts asserted that the cryptocurrency scheme has so far netted approximately $107 million, indicating a serious liability for those involved. In light of these events, the ramifications for Milei’s administration and its credibility are yet to be fully seen, as authorities work to clarify the situation and potential misconduct.
In summary, President Javier Milei’s endorsement of the cryptocurrency $LIBRA, intended to stimulate Argentina’s economy, resulted in significant backlash following its rapid depreciation. Acknowledging his error, Milei called for an urgent investigation into the matter, while critics questioned the legitimacy of the project. The event raises serious concerns about governance and accountability in President Milei’s administration, as scrutiny and investigations are expected to unfold.
Original Source: www.france24.com
