Argentine President Javier Milei has come under scrutiny following allegations of promoting a controversial cryptocurrency, $Libra. On Friday, Milei mentioned $Libra in a social media post, leading to a swift increase in its value. However, the cryptocurrency’s value plummeted shortly after, resulting in significant losses for many investors. During an interview with Todo Noticias, Milei maintained a combative stance, asserting his innocence and clarifying that he had “nothing to hide.”
Milei insisted that his social media activity did not equate to an endorsement of $Libra. He explained that he had “merely shared” a link to a site selling the cryptocurrency and emphasized that investors participated “voluntarily,” fully aware of the associated risks. Despite these assertions, Milei deleted his post just hours after it was published. The presidential office confirmed that Milei was not involved in the development of $Libra.
Anti-Corruption Office to Investigate
The Anti-Corruption Office is set to investigate whether Milei’s actions were improper. Amidst these developments, some individuals have accused the launch of $Libra of resembling a “rug pull,” a type of scam where promoters attract buyers, halt trading activities, and abscond with the funds. Milei defended his decision to delete the post, stating he was unaware of the project’s specifics at the time and chose not to continue promoting it upon learning more.
In the interview with Todo Noticias, Milei vividly described the situation:
“It’s like playing Russian roulette and getting the bullet.” – Argentine President Javier Milei
This incident presents a potential distraction for Milei as he continues to push his radical reform agenda. The controversy surrounding $Libra could divert attention away from his policy initiatives and impact his political standing. Despite this, Milei remains steadfast in his position that he acted with integrity and transparency throughout the episode.
What The Author Thinks
This controversy surrounding Milei and $Libra raises serious concerns about accountability and transparency, particularly when a public figure, such as a sitting president, interacts with financial markets in ways that could affect citizens. Whether or not Milei intended to promote $Libra, his swift deletion of the post and defense of his actions make it clear that there are significant risks in blurring the lines between personal promotion and public office. While he may not have been directly involved in its development, the loss of credibility in this episode could have far-reaching effects on his political career and credibility.
Featured image credit: Vitya_maly via GoodFon
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