Argentine President Javier Milei has denied promoting a newly launched cryptocurrency which collapsed shortly after he mentioned it in a social media post on Friday.
The cryptocoin $Libra quickly rose in value before nosediving, causing severe losses for the majority of people who had invested in it.
A judge will now determine if the president should face fraud charges over the incident.
On Monday, Milei said he had acted “in good faith” and dismissed investors’ complaints, comparing their actions to people who gamble: “If you go to a casino and lose money, what’s there to complain about when you knew the risks?”
President Milei spoke about the $Libra incident in an interview with Argentine TV channel Todo Noticias on Monday, after a weekend during which he had stayed unusually quiet on social media.
He insisted that his post on X, which contained a link to a site selling $Libra, did not constitute an endorsement.
“I didn’t promote it, I merely shared it,” he told Todo Noticias’ Jonny Viale.
Milei’s post, which he deleted after just a few hours, drew heavy criticism not just from his political rivals in Argentina but also from those who had invested in the cryptocurrency.
Credit: bbc.com
