Argentina’s Milei denies promoting cryptocurrency that crashed

Argentina’s President Javier Milei on Monday denied promoting a cryptocurrency that crashed, losing investors billions of dollars and prompting a flood of complaints, as prosecutors reportedly prepared an investigation into the scandal.

“I did not promote it, I spread it,” Milei told broadcaster TN, adding that it “is a problem between private parties because the State does not play a role here”.

“I acted in good faith,” he said.

Argentina’s federal prosecutor’s office would examine whether Milei engaged in fraud or criminal association or was in breach of his duties when he praised the $LIBRA cryptocurrency on social media Friday evening, according to news reports.

The currency’s value soared then crashed, and Milei deleted his blessing hours later, saying he had made a mistake.