President Javier Milei raised concerns by promoting a cryptocurrency token intended to help Argentine local companies and subsequently deleting the publication. Milei initially promoted the LIBRA token in a post, highlighting that the raised funds would be aimed at supporting small and medium-sized enterprises and claimed he would not gain personal financial benefit.
In an interview with Bloomberg, Milei mentioned that he met with the company behind the coin, KIP Protocol. The token's name seemed to reference his political party or his libertarian roots as an economist. The promotion raised concerns in Argentina, with people questioning whether Milei's social media accounts had been hacked or if he had fallen into a potential cryptocurrency scam.
Amid the growing controversy, Milei removed the original post, stating that he was not aware of all the details of the project. Despite being recognized on Wall Street, Milei has faced hurdles in attracting foreign investments to Argentina, although economic growth is expected in 2025 after years of recession.
Amid economic challenges in Buenos Aires, such as U.S. President Donald Trump's trade policies and the exit of automotive companies, the promotion of the cryptocurrency token added to the controversy. Although Milei concluded his post by saying, 'the world wants to invest in Argentina' and highlighting his slogan 'Long live freedom, damn it!', the situation raised doubts in the financial community and among Argentines.
