Argentina’s financial market took a hit on Monday with the S&P Merval stock index dropping nearly 4%, after President Javier Milei endorsed a cryptocurrency that quickly plummeted in value. The situation has prompted concerns from the country’s fintech sector, labeling it a potential ‘rug pull.’
Despite Milei’s swift deletion of his social media post promoting the obscure $LIBRA coin and distancing himself from any association, lawmakers in the opposition are calling for an impeachment trial. The developments come as a judge has been appointed to assess legal actions against Milei.
While the political landscape simmers with tension, Milei’s supporters and detractors clash over social media. Critics accuse the president of fraud, while others defend him against politically-charged attacks. The crypto incident has raised serious questions about presidential endorsements and potential conflicts of interest, all amidst scrutiny from international figures like Mexican President Claudia Sheinbaum.
(With inputs from agencies.)