Argentina’s Javier Milei snubs cryptocurrency backlash with ‘gambling’ comparison

Argentina’s libertarian leader Javier Milei has defended himself after promoting a cryptocurrency on social media – before swiftly retracting the endorsement.

Share prices for the $LIBRA coin, developed by KIP Protocol and Hayden Davis, skyrocketed on Friday (February 14) after the President raved about it on X (formerly Twitter), arguing it would help fund small businesses and start-ups.

However, within a few hours, Milei deleted the post, citing ‘doubts‘ about the matter. This resulted in the cryptocurrency plummeting in value and triggered accusations of a ‘rug pull‘ (where buyers are lured into cryptocurrency only for the company to cease trading and take off with the money).

With swathes of investors losing most of their money, calls for the opposition grew louder for the President to be impeached, while criminal complaints have been made against him – including one to the US Department of Justice.

Former President Cristina Fernández de Kirchner joined in on the “scandal”,  branding Milei a “crypto scammer”.

However, the politician has clapped back at critics, defending his position with a gambling analogy. “The reality is if you go to the casino and lose money, I mean, what is the claim if you knew that it had those characteristics?” he told TN news channel earlier this week, according to CNN.

The President’s Office confirmed in a Saturday statement that Milei had no involvement in the cryptocurrency’s development and chose to remove his social media post to avoid any speculation.  

As per AP, Milei’s office also stated Argentina’s Anti-Corruption Office, which operates under the Executive Branch, would act ‘immediately‘ – and acknowledged that the President recently met with representatives of KIP Protocol at the presidential office.

“All the information gathered in the investigation will be handed over to the judiciary to determine if any of the companies or individuals linked to the KIP Protocol project committed a crime,” the administration added.

Featured image: Creative Commons

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