President Javier Milei’s promotion of the crypto token ‘$LIBRA’ intended for local businesses was met with public concerns about scams, leading him to retract his support shortly after posting. Following widespread panic, he admitted unawareness of the project’s details before deleting the post. The incident raises questions about his administration’s economic strategies amidst ongoing challenges in attracting foreign investment.
Javier Milei, the President of Argentina, recently promoted a crypto token named ‘$LIBRA’ intended to support local businesses. His endorsement, made on the social media platform X late Friday, was followed by immediate public apprehension regarding potential scams associated with the cryptocurrency, leading him to delete the post within hours. Milei emphasized that the project was privately managed and insisted he would not gain any personal financial advantage from it.
The name of the token appears to reflect Milei’s political party, La Libertad Avanza, as well as his libertarian economic principles. In an interview with Bloomberg, Milei disclosed that he met with the token’s developers, KIP Protocol, several months prior. Their official website features a blog post highlighting a selfie of the president and one of the co-founders complimenting the initiative.
Concerns among Argentines grew swiftly, with many speculating whether Milei’s account had been compromised or if he had unintentionally fallen victim to cryptocurrency fraud. Various community notes on X cautioned users against the token, which has drawn parallels to common cryptocurrency scams known as “rug pulls.”
The incident surrounding President Javier Milei’s promotion of the ‘$LIBRA’ token has sparked significant concern regarding potential scams within the cryptocurrency market. Despite his removal of the post after realizing he was uninformed about the project’s specifics, the broader implications for foreign investment and economic stability in Argentina remain uncertain. Milei’s government continues to grapple with economic challenges, even as it implements reforms aimed at attracting investment.
Original Source: www.batimes.com.ar
