The "Cryptogate" Incident and Argentine President Javier Milei with Libra Cryptocurrency
Argentina's Anti-Corruption Agency (OA) affirmed that President Javier Milei acted in a personal capacity when promoting the Libra cryptocurrency (LIBRA), without violating national public service ethics regulations. The investigation report clearly stated that these promotional posts were not related to administrative activities, did not use public resources, and did not receive support from any organization. These actions were determined to be personal speech, not constituting an official public policy orientation.
Previously, Javier Milei used his personal X account to promote LIBRA to support small and medium-sized enterprises and startups in Argentina. However, after LIBRA's market capitalization plummeted 90%, from a peak of over 2,000,000,000 USD, Mr. Milei deleted the post. The collapse triggered a wave of reactions - local media dubbed the event "Cryptogate," a term referring to cryptocurrency scandals with significant political impact.
The incident prompted opposition politicians to call for presidential impeachment. LIBRA investors who suffered losses filed lawsuits through representative lawyers, escalating the case to a complex legal dimension. To clarify, Mr. Milei proactively requested the National Audit Agency to investigate, aiming to verify whether any violations involved government members, including the President himself.
Through this incident, it becomes evident that cryptocurrencies are gradually infiltrating the political sphere, raising concerns about personal influence usage and the risk of FOMO-driven investments. The lesson is: transparency and risk awareness are crucial when approaching decentralized digital asset structures, especially during periods of significant cryptocurrency market volatility, where herd effects and short-term speculation are likely to emerge.
