#argentina #libra

National Uproar as Argentina’s $LIBRA Cryptocurrency Collapses

Argentina is in the midst of a political and financial crisis following the dramatic crash of the $LIBRA meme coin—a cryptocurrency publicly supported by President Javier Milei. Once hailed as a beacon of innovation and economic renewal, the digital asset quickly attracted attention from retail investors and crypto advocates. But its rapid rise was short-lived, as $LIBRA’s value nosedived, resulting in losses totaling around $250 million.

Many critics claim the President’s backing gave the project undue credibility, with some now labeling it a pump-and-dump scheme. The controversy, now known as “Cryptogate,” has ignited nationwide demands for greater government transparency and stricter regulations.

Both lawmakers and financial regulators are pushing for a formal inquiry into whether political influence was misused to sway market behavior for personal or political benefit. The fallout has undermined investor trust and sparked wider concerns about the influence of political figures on the highly volatile crypto market.

Amid ongoing economic instability and inflation, the $LIBRA scandal highlights the dangers that arise when politics intersect with speculative, unregulated financial instruments.