The Argentine Chamber of Deputies voted to investigate President Javier Milei’s involvement in the LIBRA cryptocurrency scandal, which has left hundreds of millions of dollars in investor losses.

Notably, the aim is to uncover the truth behind the token’s launch, its promotion, and the role of President Milei’s administration in its collapse. The investigation will also have implications for the cryptocurrency industry in Argentina.

The Argentine Chamber of Deputies has taken a significant step by voting to investigate President Javier Milei’s involvement in the LIBRA cryptocurrency scandal.

Nonetheless, the controversy surrounds the LIBRA token, which was launched in February and saw its value skyrocket by over 3,000% after President Milei’s endorsement on social media.

Congress Probes Milei’s Role in LIBRA Collapse

The LIBRA token’s sudden surge in value was short-lived. Shortly after, it plummeted by 90%, causing hundreds of millions of dollars in losses. Deputies voted 128-93 to create a special commission to probe the LIBRA controversy, with 7 abstentions.

Moreover, investors have previously accused the Argentine President of massive rug-pulling. The commission will investigate the token’s promotion, funding sources, and potential connections to President Milei and his allies.

However, the commission will summon top government officials, including Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and Chief of Staff Guillermo Francos, to testify. The investigation aims to uncover the truth behind the LIBRA token’s launch and President Milei’s administration’s role in its promotion.

President Milei denied involvement with the LIBRA project, claiming he supported entrepreneurship. However, many have questioned his ties to the project and his administration’s involvement with digital assets.

Implications of the scandal 

The LIBRA scandal has significant implications for President Milei’s administration and the cryptocurrency industry in Argentina. The investigation may lead to

Furthermore, stricter cryptocurrency regulations in Argentina, increased scrutiny of digital assets and their promotion, and potential impact on future cryptocurrency projects in the country.

The investigation into President Milei’s involvement in the LIBRA cryptocurrency scandal is a developing story that will likely have far-reaching implications for the cryptocurrency industry in Argentina. As the investigation unfolds, more details will emerge, and the fate of the LIBRA token and its investors will become clearer.