President Milei Refutes Fraud Allegations Linked to Cryptocurrency $Libra

Argentinian President Javier Milei denies endorsing the cryptocurrency $Libra, which crashed after his mention, causing investor losses. He claims good faith and compares investors to gamblers. A federal judge will review fraud allegations against him, while political opponents threaten impeachment. Despite challenges, he remains committed to his reform plans.

Argentine President Javier Milei has refuted allegations regarding his involvement in a cryptocurrency, $Libra, which dramatically fell in value following his social media mention. Shortly after his endorsement, the cryptocurrency rose significantly but then plummeted, resulting in considerable financial losses for investors. The situation has prompted a judicial inquiry to evaluate whether President Milei should face fraud charges related to this incident.

In a statement made to the media, President Milei expressed that he had acted “in good faith” and compared the investors’ circumstances to those who gamble in casinos, suggesting that they were aware of the associated risks. He further clarified that his social media post linking to $Libra did not serve as an endorsement but merely as a shared link. Despite deleting the post hours later, he faced substantial backlash from both investment stakeholders and political opponents, sparking discussions of a possible “rug pull” scenario.

The presidential office has maintained that Milei was not involved in the development of $Libra, stating that the Anti-Corruption Office will investigate whether there was any misconduct. Milei justified his decision to delete the post by asserting that he was unaware of the project’s details at the time and had opted not to endorse it further upon gaining additional information. Nonetheless, opposition parties remain unfazed by his explanations and have threatened impeachment proceedings against the president.

Political analysts suggest that while the opposition may not possess sufficient votes for impeachment, this scandal could distract President Milei from pursuing his ambitious reform agenda. Meanwhile, a federal judge is set to decide on the viability of the fraud allegations raised against the president. In his television interview, Milei adopted a defiant tone, emphasizing that he has “nothing to hide” and that investors entered the market voluntarily, fully aware of the risks associated.

In conclusion, President Javier Milei has firmly denied allegations of fraud connected to the cryptocurrency $Libra, which suffered a steep decline shortly after his online mention. He maintains that his reference did not reflect an endorsement and asserts that investors were responsible for their actions. With judicial inquiries underway, the political fallout remains uncertain, but the situation poses challenges to Milei’s broader agenda.

Original Source: www.bbc.com