Argentine President Javier Milei is facing impeachment threats after promoting the $LIBRA cryptocurrency, which experienced a rapid value loss. Opposition lawmakers are criticizing him for recklessly backing the crypto project, amidst concerns that it may be a scam. Milei has attempted to distance himself from the fallout, but critics question his judgment in endorsing unproven investments amid economic turmoil.
Argentine President Javier Milei is under fire after endorsing the cryptocurrency $LIBRA, which experienced a drastic value decline shortly after his promotion. The token’s price rose to nearly $5 but plummeted to below $1 within hours, prompting allegations of a possible scam known as a “rug pull.”
In response, opposition leaders, led by lawmaker Leandro Santoro, are calling for Milei’s impeachment, labeling the incident a national embarrassment. Additionally, the Argentine fintech chamber has warned that the event may indicate a more extensive fraudulent scheme.
Milei attempted to mitigate backlash by deleting his post and asserting that he was unaware of the project’s specifics when he promoted it. Nevertheless, critics are questioning why a president overseeing a struggling economy would rush to support an untested cryptocurrency, raising concerns about recklessness in leadership during critical economic times.
The controversy surrounding President Javier Milei’s endorsement of the $LIBRA token has drawn significant criticism from opposition leaders and financial experts alike. Their calls for impeachment highlight the potential consequences of promoting high-risk investments in a struggling economy. Despite Milei’s attempts to distance himself from the fallout, the incident raises important questions about responsible governance in the cryptocurrency space.
Original Source: www.cryptotimes.io
