Jakarta, Indonesia Sentinel — Argentina President Javier Milei is facing sharp criticism and the threat of impeachment after promoting a cryptocurrency on social media. The move has drawn criticism from opposition party, which considered it as an international embarrassment for the country.
The controversy started on Friday night (February 14, 2025) when President Javier Milei posted on X (formerly Twitter), promoting an investment in $LIBRA cryptocurrency. The token’s value initially surged to $5 (€4.75) before crashing below $1, triggering outrage and speculation of potential fraud.
Argentina’s fintech association has raised concerns that the situation resembles a “rug pull” scam, a scheme where cryptocurrency creators attract real investments to inflate prices before selling off their holdings, causing a massive crash.
“This scandal has humiliated us on the international stage and requires us to push for the president’s impeachment,” opposition lawmaker Leandro Santoro said on Sunday (February 16, 2025), as reported by Reuters.
Promoting Cryptocurrency
Local media reported that Javier Milei had described $LIBRA as a “private project” aimed at “stimulating Argentina’s economic growth by funding small businesses and entrepreneurs.” “The world wants to invest in Argentina. $LIBRA,” Milei wrote in his now-deleted post, as reported by CNBC Indonesia.
However, after the cryptocurrency’s value skyrocketed and then collapsed, public anger and suspicion spread rapidly. Lawmakers and citizens alike questioned how the president could endorse an asset without conducting proper due diligence.
Following the backlash, Milei, who is closely aligned with former U.S. President Donald Trump, deleted the post after several hours and later issued a clarification. “I was not aware of the details of this project, and after learning more, I decided to withdraw my support,” Milei wrote on X.
Calls for Impeachment Intensify
Despite Milei’s clarification, opposition lawmakers are demanding accountability. Some have accused him of irresponsibility, warning that his actions could undermine public trust in the government.
Leandro Santoro, a member of the opposition coalition, has openly called for impeachment proceedings. Maximiliano Ferraro, from the center-right Civic Coalition, has urged Argentina’s Congress to launch a special investigation into the scandal.
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The controversy has fueled broader concerns about the stability of President Javier Milei administration, which has already been under intense scrutiny due to his radical economic policies.
Political analysts warn that this latest scandal could deepen divisions in Argentina’s already polarized political landscape, raising further doubts about the president’s ability to govern effectively.
(Raidi/Agung)
