Argentina’s Congress on Tuesday supported the formation of a committee of inquiry on cryptocurrencies promoted by President Javier Milei, which then soared, losing hundreds of millions of dollars in investors.
The liberal president praised $Libra’s meme coin as a “private project” aimed at “stimulating the growth of the Argentina economy by providing funding for small businesses and Argentine entrepreneurs.”
He wrote on social network X on February 14: “The world wants to invest in Argentina. $ Libra.”
Industry experts call the operation a “carpet” – a scam where developers launch crypto tokens, attract investors, and then cash out quickly.
$ libra went from boom to bust in the space of one day.
Its value soared after Milei’s obvious thumbs up, but then dropped 90% in two hours.
Miley later claimed he “didn’t know the details of the project”.
On Tuesday, the House of Commons was voted in favor of 93 against 93 and seven abstentions to initiate a survey of the currency, which had a exchange rate of more than $4.5 billion, resulting in investors losing about $250 million.
Members of Congress also approved a resolution to summon Economy Minister Luis Caputo and Attorney General Mariano Cuneo Libarona and other senior officials to prove the incident.
A judge’s task is to investigate Miley’s connection with $$ Libra because he accused him of fraud, accomplice with the criminal or breach of duty.
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