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Media reports Argentina’s Milei facing calls for impeachment
(MENAFN) Argentine President Javier Milei is facing calls for impeachment after he promoted a controversial cryptocurrency, the LIBRA token, which quickly crashed in value. According to Reuters, opposition lawmakers have accused the libertarian president of misconduct following his endorsement of the token, which skyrocketed to nearly $5 before plummeting to under $1 within hours. Milei deleted his original endorsement post five hours later, stating he was "not aware of the details of the project."
Leandro Santoro, a member of the opposition, criticized Milei’s actions, describing the situation as an abuse of public trust. Santoro called for impeachment proceedings against the president, accusing him of embarrassing the country internationally. Argentina’s fintech chamber also raised concerns about the possibility of a “rug pull,” a scam where developers inflate a cryptocurrency’s value before selling off their holdings.
Milei defended his involvement by explaining that he met with the company behind the coin, KIP Protocol, months ago as part of his government’s strategy to attract investments to revive the economy. However, the company distanced itself from the LIBRA token launch, stating that the market-making was handled by another firm, KelsierVentures, and asserting that KIP Protocol did not profit from the event.
Since taking office in 2023, Milei has implemented tough economic measures to stabilize Argentina’s economy, including devaluing the national currency and cutting public sector jobs. Earlier this year, he announced a budget surplus for the first time in over a decade, which was seen as a key achievement in his economic agenda.
Leandro Santoro, a member of the opposition, criticized Milei’s actions, describing the situation as an abuse of public trust. Santoro called for impeachment proceedings against the president, accusing him of embarrassing the country internationally. Argentina’s fintech chamber also raised concerns about the possibility of a “rug pull,” a scam where developers inflate a cryptocurrency’s value before selling off their holdings.
Milei defended his involvement by explaining that he met with the company behind the coin, KIP Protocol, months ago as part of his government’s strategy to attract investments to revive the economy. However, the company distanced itself from the LIBRA token launch, stating that the market-making was handled by another firm, KelsierVentures, and asserting that KIP Protocol did not profit from the event.
Since taking office in 2023, Milei has implemented tough economic measures to stabilize Argentina’s economy, including devaluing the national currency and cutting public sector jobs. Earlier this year, he announced a budget surplus for the first time in over a decade, which was seen as a key achievement in his economic agenda.
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