In brief
After endorsing a questionable cryptocurrency that spiked then plummeted, Argentine President Javier Milei is facing severe criticism and an investigation into his actions.
Argentina's President Javier Milei is in hot water after promoting a mysterious cryptocurrency token, $LIBRA, which skyrocketed in value following his endorsement, only to crash soon after. On social media, Milei claimed that the coin was meant to boost the economy and support small businesses. However, as concerns grew over the coin potentially being a scam, its value quickly deteriorated.Just five hours after his initial post, Milei deleted it and stated he was unaware of the project's specifics, emphasizing that he chose to retract his support after learning more. Over the weekend, he explained through an official presidential account that his earlier endorsement was simply a promotional move, and he announced that investigations would be launched to determine if he or any government officials had acted improperly or if anyone associated with the coin had broken the law.The backlash has been intense, with critics accusing Milei of steering the public toward risky investments. Comparisons have been drawn between his actions and those of former U.S. President Trump, who also launched a meme-based cryptocurrency recently. A political opposition group labeled Milei's crypto promotion as an unprecedented scandal and proposed establishing a congressional commission to investigate the incident.
