Argentine President Faces Impeachment for Promoting Digital Currency

Argentinian President Javier Milei has been sued on criminal charges for promoting a digital currency.

Argentine President Javier Milei posted on social media on February 14th an advertisement promoting LIBRA, a digital currency created to "encourage economic growth by funding small businesses and startups," according to AP.

Milei deleted the post a few hours later, and the value of LIBRA plummeted, causing millions of dollars in losses for new investors in the cryptocurrency, according to the financial website Dexscreener .

Argentinian President Javier Milei is facing legal trouble for promoting cryptocurrency.

LIBRA was developed by KIP Protocol and Hayden Davis. Upon purchase, investors access a link leading to a website called vivalalibertadproject.com , a reference to the famous phrase Milei used to conclude his online speeches.

The Argentine President's office issued a statement on February 15 saying that Milei was not involved in the development of cryptocurrency and decided to delete the post to avoid speculation and limit its reach to a wider audience.

President Milei said he was unaware of the cryptocurrency development and criticized political opponents for trying to dig into the matter. "I didn't know the details of the project, and after being informed, I decided not to continue promoting it. That's why I deleted the post," Milei explained.

A political alliance announced on February 15th that it would propose impeachment proceedings against Milei over the incident, according to CNN, while lawmakers close to the leader opposed it, calling it a conspiracy to overthrow the president.

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Attorney Jonathan Baldiviezo, one of the plaintiffs, alleges that an illegal organization was established to carry out numerous fraudulent acts in this case. "Fraud was committed, in which the president's actions played a central role," Baldiviezo said.

The criminal judge is expected to appoint a judge to preside over this case on February 17th or refer it to the prosecutor for further investigation.

The government said Argentina's Anti-Corruption Office would take immediate action and acknowledged that Milei had recently met with representatives of the KIP Protocol at the presidential palace.

Hayden Davis, the founder and one of the attendees at the meeting, criticized President Milei for abruptly changing his stance despite previous commitments, withdrawing his support, and deleting posts that caused LIBRA's price to plummet.

Source: https://thanhnien.vn/tong-thong-argentina-doi-dien-viec-luan-toi-vi-quang-ba-tien-ky-thuat-so-185250217075231234.htm