Argentina’s President Javier Milei is facing increasing political pressure, with opposition lawmakers calling for his impeachment after his endorsement of a cryptocurrency that quickly collapsed in value. The controversy erupted when Milei recommended the $LIBRA coin on social media, only for it to crash within hours, sparking concerns of a “rug pull” — a situation where developers abandon a project, leaving investors with worthless tokens.
In response, opposition figures, including Esteban Paulón, a member of the Chamber of Deputies, filed a formal request to initiate an impeachment trial. They allege that Milei’s actions amounted to poor performance and potentially illegal conduct, referencing Article 53 of Argentina’s Constitution, which allows for the president to be charged for misconduct while in office. Under the article, a two-thirds majority in the Chamber of Deputies is required to bring charges.
Milei’s office swiftly denied any involvement in the creation or development of $LIBRA, stating that his tweet was removed to prevent further speculation. Additionally, the president has called for an investigation into the matter, involving Argentina’s Anti-Corruption Office and establishing a Research Task Unit to probe the financial activities related to the cryptocurrency and any potential involvement of government officials.
As the controversy unfolds, Milei’s credibility and leadership face mounting scrutiny amid questions of transparency and accountability in his administration’s handling of the digital currency episode.
President of Argentina Picture by World Economic Forum on Flickr CC BY-NC-SA 2.0
