Javier Milei Deletes Crypto Token Endorsement Amid Scam Concerns

President Javier Milei endorsed the ‘$LIBRA’ crypto token to support local businesses, but deleted his post amid public fears of a scam. Critics expressed concerns that he may have been misled or that his account had been hacked. Milei later clarified that he was unaware of the project’s details. Despite his popularity on Wall Street, Argentina continues to face economic challenges.

Argentinian President Javier Milei recently endorsed a crypto token named ‘$LIBRA’, intended to support local businesses. However, his endorsement raised alarms regarding the legitimacy of the token, prompting him to delete his promotional post. Milei attempted to reassure the public by claiming that he would not personally benefit from the venture and that it was a privately operated initiative aimed at bolstering small and medium enterprises.

The token, purportedly linked to Milei’s political party, La Libertad Avanza, and his libertarian background, faced immediate criticism from the public. Concern spread that either Milei’s account had been compromised or that he had been misled by crypto fraudsters. Warnings circulated on social media about potential scams related to the investment, which are common in the crypto landscape.

Only five hours after his initial announcement, Milei retracted his statement, indicating ignorance of the project’s specifics before his previous promotion. In a follow-up message, he noted, “I was not aware of the project’s details, and after I became informed, I decided not to continue spreading the word.”

Despite a favorable reception from Wall Street, Milei faces challenges attracting foreign investment to Argentina amidst ongoing inflation crises and economic reforms. The president has yet to rescind the complex currency regulations inherited by his administration, although growth is anticipated in 2025 following a lengthy recession.

Argentina’s economic backdrop remains troubled, with significant setbacks in commerce due to external tariffs and company withdrawals. In a recent setback, the government cancelled a vital auction to deepen the Rio Paraná, an essential artery for the country’s exports, after a lack of bids. Nevertheless, Milei concluded his initial promotion by asserting, “the world wants to invest in Argentina,” and reiterated his commitment to freedom.

In summary, President Javier Milei’s support for the ‘$LIBRA’ crypto token was short-lived due to public concern over its legitimacy. His efforts to promote this initiative to bolster local businesses resulted in backlash, forcing him to retract his endorsement. Despite favorable conditions for investment, Milei’s administration continues to grapple with significant economic challenges in Argentina, leading to heightened scrutiny of new financial ventures.

Original Source: www.batimes.com.ar