Calls for Impeachment Emerge as Argentina's Crypto Endorsement Backfires

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Opposition politicians in Argentina are pushing for the impeachment of President Javier Milei following his endorsement of the $Libra cryptocurrency, which collapsed shortly thereafter, incurring significant financial losses for investors. On February 16, Milei promoted the cryptocurrency as a means to stimulate economic growth and support small businesses, leading to an initial spike in its value before it plummeted to under $1 after reaching nearly $5, according to trading sites. Some economists described the incident as a potential “rug pull,” a type of scam involving the sudden collapse of a cryptocurrency after it has been artificially inflated, as reported by Argentina's fintech chamber.

In the aftermath, Milei deleted his endorsement post, stating he was "not aware of the details" of the project. His actions prompted legal complaints, with one plaintiff alleging participation in fraud, while lawmakers criticized him for undermining Argentina's international reputation. Former president Cristina Fernández de Kirchner condemned him on social media, arguing he leveraged his presidential status for personal gain. Analysts caution that this incident could significantly impact Milei's credibility as Argentina heads into midterm elections.

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