(Bloomberg) – President Javier Miley said it was intended to support local Argentine businesses, but his support is broad concern over potential fraud, he said. The post was deleted.
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Milei initially promoted Libra Token in a post on X late Friday, saying that the money raised was invested in supporting small and medium-sized Argentine businesses, highlighting that the project was run personally . In his text message, he added that he would not enjoy personal financial benefits from the venture.
The name of the token appeared to refer to Mairay’s political party, La Libertado Avanza, or his libertarian roots as an economist. Milei told Bloomberg that he met with the company behind Coin’s KIP protocol several months ago. The company’s website includes a blog post featuring a thumbs up selfie dated October 20th by the co-founder and the Argentine president.
According to a post on the company’s X account, the token launch was not processed by KIP. “We didn’t make a cent profit from today’s activities,” the company added. The KIP did not respond to some requests for comments.
The Argentinians quickly began to panic over whether the president’s social media had been hacked or whether Murray himself had been fooled by a code fraudster.
Community Notes published on X, a social media platform owned by Milei ally Elon Musk, warned people against the coin. Crypto fraud, often referred to as “ragpur,” exists on social media.
Milei deleted the first post five hours later, saying, “I didn’t notice any details about the project, so after realising it, I decided not to continue spreading the word.”
Despite being a Wall Street beloved, Mairay has so far struggled to induce foreign investment to Argentina, even if the government crushes inflation and passes business-friendly reforms. He has not yet dismantled the complicated currency controls his administration inherited over a year ago, but the Argentine economy is expected to grow again in 2025 after punishing two years of recession. .
Even before Friday’s token drama, headwinds were being built in Buenos Aires. President Donald Trump’s tariffs stand disproportionately struck by Argentina, but Nissan cuts car production and Mercedes-Benz leaves the country more than 70 years later. Argentina’s economic lifeline, carrying most of the country’s farm exports, the Rio Parana auction to edge it deeper after the ship struggled to navigate narrow water After cancelling the set, I faced the set.
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