Argentina’s opposition lawmakers are considering impeachment proceedings against President Javier Milei after his endorsement of a controversial cryptocurrency led to accusations of misconduct.
On Friday, Milei promoted the LIBRA crypto token on X (formerly Twitter), triggering a surge in its price to nearly $5. Within hours, however, the value collapsed to under $1. Five hours later, the president deleted his initial post and distanced himself from the project, saying he was “not aware of the details.”
The fallout has sparked outrage among opposition figures. Leandro Santoro, a leading critic, accused Milei of abusing public trust by promoting a token linked to possible fraud. “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” he said, as quoted by Reuters.
Argentina’s fintech chamber has acknowledged concerns over a possible "rug pull"—a scheme where developers attract investment, inflate a token’s value, and then sell off their holdings.
Milei, citing Bloomberg, claimed he met with KIP Protocol, the firm behind the token, months ago as part of efforts to attract investment and revive Argentina’s struggling economy. The company’s website features a photo of its co-founder with the president, dated October 30, 2024. The token’s name appears to reference Milei’s political party, La Libertad Avanza, or his libertarian economic philosophy.
KIP Protocol also denied involvement in the token’s launch, stating that "market making was fully handled by KelsierVentures" and asserting it “did not profit a single cent from today’s activity.”
Milei took office in December 2023, implementing drastic economic measures to curb inflation and stabilize Argentina’s economy. His policies have included a 52% currency devaluation, the dismissal of over 33,000 public sector workers, and deep cuts to state subsidies. Earlier this year, he declared victory in achieving a zero budget deficit after Argentina posted its first surplus in over a decade.
Now, his handling of the LIBRA controversy has intensified political tensions, adding another challenge to his already turbulent presidency.
Source: RT
Bd-pratidin English/ Jisan
