In February 2023, Argentine President Javier Milei promoted the cryptocurrency $Libra on social media, leading to a crash in its price and causing immense financial losses for investors. The opposition has indicated plans for impeachment, dubbing the incident ‘Cryptogate.’ Critics argue the promotion resembles a Ponzi scheme, benefiting only a few while many suffered significant losses.
In Argentina, President Javier Milei has sparked controversy after promoting the obscure cryptocurrency $Libra, leading to significant price fluctuations and political fallout. His encouragement, shared on social media, aimed to support small businesses but instead resulted in substantial financial losses for many investors. Following this debacle, opposition forces have threatened impeachment, labeling the incident as ‘Cryptogate.’ Educators and economists, alike, have criticized the venture, claiming it resembles a Ponzi scheme, where only a select few profited while thousands faced losses.
The promotion of $Libra by President Javier Milei ignited a political and financial scandal in Argentina, dubbed ‘Cryptogate.’ Despite intentions to foster economic growth through this cryptocurrency, the fallout has led to significant losses for investors, giving rise to calls for impeachment from the opposition. This situation raises concerns about the ethical conduct of political leaders in financial markets.
Original Source: www.lemonde.fr
