Argentina's President Javier Milei is facing scrutiny over a virtual coin he promoted—amidst meetings with allies of President Donald Trump and IMF Chief Kristalina Georgieva in the United States.

Buenos Aires

Argentina's President Javier Milei is currently under investigation over his involvement with a virtual currency, Libra. This investigation follows a social media post by Milei, which named the cryptocurrency and subsequently saw its value surge before Milei deleted the post, causing a crash. This has led to numerous complaints lodged in local courts against the president, alleging involvement in a fraudulent scheme. Claudio Lozano, one of Milei's critics, accuses him of having connections with the creation of this cryptocurrency that has reportedly led to financial losses globally. 

Furthermore, an international legal response is forming. A New York law firm is reportedly organizing a class-action lawsuit representing over 200 clients from different countries seeking redress. The suit might name Milei due to his previous promotion of the currency and his later deletion of the related post. This scenario marks one of the most significant scandals affecting Milei's presidency since he took office, with potential implications for his domestic and economic plans. 

Concerns intensify over individuals in Milei's inner circle, notably his sister Karina. Reports suggest that U.S. national Harvey Davis, associated with the launch of Libra, boasts about influencing Milei through financial means directed at a person close to him. Milei has denied these allegations, noting that he was deceived and calling for an official inquiry. However, skepticism remains regarding the potential transparency of such an investigation, given Argentina's anti-corruption office's ties to the executive branch. Meanwhile, the Milei administration seeks to reframe the narrative surrounding what has been dubbed the Libra scandal, while fears of past corruption scandals linger among Argentines.



Argentina’s Milei under investigation over virtual coin scandal

A special meeting in the United States. Argentina's President Javier Milley met Elon Musk and gave him a special gift, a chainsaw that has become the symbol of his austerity plan in Argentina. Musk and Milley took part of the Conservative Action Conference in Washington, D.C. But at home, Argentina's president is under investigation. Last Friday, he posted the name of a virtual coin known as Libra. The price of the coin rocketed after Milley's post, then he deleted it and it crashed. More than a hundred complaints have been made in local courts. Claudio Lozano says the president was involved in a fraud. He clearly has no arguments to explain the coincidences that link him with the two businessmen in the creation of this cryptocurrency that has become a scam that involves people who had losses here and all over the world. According to local media, legal action is also being prepared by a New York law firm that is putting together a class action lawsuit involving more than 200 clients from different countries. President Javier Milley, who posted about the Libra coin before deleting the post hours later, could find himself named in the suit, which groups together individuals seeking to recover their money and bring those responsible to justice. This is the largest scandal to affect Javier Milley since he took office and it's not clear yet the impact it will have on his plans for Argentina. The scandal has raised questions about those who are close to Javier Milley, including his sister Karina. In conversations reported by a local newspaper, U.S. national Harvey Davis, who was behind the launch of the Libra coin, prided himself on controlling Milley through payments he made to a person close to him. Javier Milley says he was misled and requested an official investigation. A former minister of justice says there are no guarantees any investigation will be transparent. The anti-corruption office was created when I was minister and the weak point that the office has is that it depends on the executive office. It's very difficult for an organism such as this to advance against a superior that in this case is the president. Milley's government is trying to change the narrative about what went wrong in what is known as the Libra scandal. And while he tries to shed light on what he calls his successful economic plan overseas, his endorsement of an unknown virtual coin reminds Argentines of corruption scandals they have seen before.

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