Calls for Impeachment of Argentine President Over Cryptocurrency Controversy**

Argentine President Javier Milei faces severe backlash and potential impeachment proceedings after promoting a cryptocurrency that resulted in substantial investor losses. Critics and plaintiffs accuse him of fraud, sparking a fierce political debate.**

Argentina's President Javier Milei is under tremendous pressure following calls for impeachment and legal action stemming from his promotion of a cryptocurrency on social media. Last Friday, Milei posted on X, formerly known as Twitter, advocating for the $LIBRA coin as a financial tool for small businesses and startups. He shared a purchase link, which sent the cryptocurrency's value soaring temporarily. However, the excitement was short-lived; within hours, he deleted the post, leading to a dramatic fall in the coin's price and leaving many investors with significant losses.

In response, some members of Congress from the opposition are signaling their intent to initiate impeachment proceedings against Milei. Legal experts have also filed complaints in Argentina's criminal court, alleging that the president's actions constitute fraud. Critics on social media have accused him of orchestrating a "rug pull," a term used in the cryptocurrency world to describe a scenario where promoters entice buyers before abruptly ceasing trade and absconding with funds. Detractors highlighted that the purchase link shared by Milei echoed terminology he has used in political speeches.

The presidential office clarified on Saturday that Milei's decision to remove the post was an effort to mitigate "speculation" after backlash from the cryptocurrency's launch. They asserted that he was not directly involved in the coin's creation and announced that the country's Anti-Corruption Office would investigate potential misconduct, possibly including actions taken by the president.

One of the plaintiffs pursuing legal action, Jonatan Baldiviezo, stated to the press that "the crime of fraud was committed," emphasizing the president's pivotal role in the incident. Political adversaries have eagerly seized upon the unfolding situation, with former President Cristina Fernández de Kirchner branding Milei a "crypto scammer" in a social media post that attracted over 6.4 million views. Moreover, the primary opposition coalition in Argentina indicated plans to submit a request for impeachment, characterizing the situation as an "unprecedented scandal." Esteban Paulón, a member of the opposition Socialist Party, has also voiced intentions to trigger impeachment efforts on social platforms.