BUENOS AIRES, Feb 15 (Reuters) - Correction: The cryptocurrency coin is $LIBRA, not $LIBRE, as previously stated in paragraph 2.
Opposition lawmakers announced on Saturday that Argentine President Javier Milei might face an impeachment trial in Congress. This comes after the libertarian leader promoted a cryptocurrency that quickly plummeted in value.
Late on Friday, Milei endorsed the lesser-known cryptocurrency $LIBRA on X, causing its price to surge to nearly $5 each. However, within hours, its value dropped to under $1.
Acknowledging the potential for a "rug pull," Argentina’s fintech chamber implied that the developers may have orchestrated a scheme to pump up the token's value, only to sell off their stake later.
In response, legislator Leandro Santoro, a member of the opposition coalition, stated, “This international scandal necessitates filing for impeachment against the president.”
Milei subsequently removed the post from X, with local media reporting it had been online for a few hours on Friday night. He clarified that he was unaware of the situation and had no connection to the cryptocurrency.
"I wasn't informed about the project details, and upon learning, I decided to stop promoting it," he explained.