Argentina’s President Milei faces impeachment calls after promoting cryptocurrency

Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors.

Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors. The news has caused a major scandal in Argentina, with the opposition accusing Milei of promoting a scam, an allegation that the presidency has denied. It started with a tweet posted by the president to his X account, which has more than 3.8 million followers. “This private project will be dedicated to encouraging the growth of the Argentine economy,” he wrote, with a link to the $LIBRA cryptocurrency project. Hours later, Milei deleted the message and, in another post, said he had no ties to the initiative. “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading it,” he said. In response to a CNN inquiry, Milei’s team described the incident as a mistake. CNN has reached out to the National Securities Commission, the governing body of the capital market in Argentina, to determine if it will take action. The presidency on Saturday announced an investigation into the matter, saying: “President Javier Milei has decided to immediately involve the Anti-Corruption Office to determine whether there was improper conduct on the part of any member of the national government, including the president himself.”