The resolutions include the creation of a special commission to examine the Libra case, summoning key members of the executive branch, and demanding an official government report. Those to be summoned include the Chief of Staff, Minister of Economy, Minister of Justice, and the head of the National Securities Commission (CNV).

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“It’s time for Congress to examine whether Argentina has been harmed. We have a duty to uncover the truth,” said Pablo Juliano of the Democracia para Siempre party. On the other hand, Nicolás Mayoraz from La Libertad Avanza criticized the move as interference with the separation of powers.

Milei and Libra

Libra, a Solana-based memecoin, was launched on February 14 by Delaware-registered Kelsier Ventures. Within hours, President Milei promoted the token on social media platform X, claiming it would support small businesses and startups across Argentina.

His post described the token as a “private project” and linked directly to the Libra website and smart contract. The token’s value skyrocketed to a $2 billion market cap before plummeting by over 90%, sparking outrage and calls for impeachment.

Milei later distanced himself from the project, stating he had no prior knowledge of it. Meanwhile, Kelsier Ventures CEO Hayden Davis claimed he had advised Milei and worked closely with his team. Davis also admitted that the team used a “sniping” strategy to gain early profits and was involved in the MELANIA memecoin, which also experienced a sharp rise and fall.

An Argentine prosecutor has requested an Interpol Red Notice for Davis, who is reportedly behind yet another memecoin that crashed shortly after launch.

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Trump’s Tariffs Draw Global Backlash

The tariffs that US President Donald Trump has revived continue to trigger global political and economic tensions. The harsh moves, especially from China, Germany and Argentina, show that tariffs can have not only economic but also geopolitical effects.

China: We Are Not Selling TikTok

The Beijing administration made an important decision following Trump’s new tariffs against China. China has rejected the sale of TikTok to the US. This sales agreement, which the Washington administration has been pressuring for a long time, has now been completely shelved. Chinese officials consider this step a “sovereignty issue” and are signaling that they will not bow to US economic pressure.

Germany: Gold Reserves in the US on the Agenda

Europe’s economic engine, Germany, is preparing a quieter but quite meaningful response to the tariffs. The Berlin administration is considering returning approximately 1,200 tons of gold held in the US Federal Reserve vault to the country. This step carries an important message not only in terms of economic independence but also financial sovereignty. According to experts, this decision shows that trust in economic cooperation in the Western world is being damaged.

Argentina is Pursuing a New Trade Agreement!

The voice rising from South America belongs to the Argentine President. The Buenos Aires administration, which wants to limit the effects of tariffs on exports and inflation in the country, has called for a new trade agreement with the US. This move by Argentina has once again revealed how vulnerable developing countries are to protectionist trade policies.

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Especially the recent failure of the Libra project and the incidents in which investors were victimized despite the support of Argentine President Javier Milei shook the confidence in cryptocurrencies in the country. However, Buterin noted that despite these negative developments, Argentina has made significant contributions to blockchain projects, especially Ethereum, and that cryptocurrency adoption is still strong in the country.

Argentina sees crypto as a way out

For many years, Argentina has been struggling with economic volatility, high inflation, currency depreciation and exchange controls. According to Buterin, such economic challenges have led Argentine citizens and entrepreneurs to turn more towards blockchain technologies.

Noting that there is important software produced by Argentine developers, especially in the Ethereum ecosystem, Buterin emphasized that the country’s potential in this field is still great.

Stating that he supports the Argentine community, which has signed important projects in the Ethereum ecosystem, Buterin said:

“Argentina’s energy and determination towards crypto and new technologies is real. The country has the potential to shape the digital economy of the 21st century.”

Finally, stating that Latin America is becoming an important center in the blockchain world, Buterin added:

“I am very optimistic about Argentina and Latin America’s contribution to the blockchain ecosystem.”

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How Did the Crypto Scandal Affect the Markets?

Known for his interest in cryptocurrencies, Javier Milei recently expressed his support for Libra token. However, shortly after its launch, the token collapsed due to an insider sell-off of $107 million. In total, $4 billion in market capitalization was wiped out, causing massive losses for investors.

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This scandal also dealt a severe blow to Argentina’s financial stability. Local investors, concerned about Milei’s economic policies, started selling off their stock holdings. The banking and industrial sectors suffered sharp losses, leading to a more than 6% drop in the Merval Index.

In the coming days, the statements from Javier Milei and the government’s response will be crucial in determining the market’s direction.

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Libra Token’s Collapse and Huge Losses

The Libra token experienced a sharp collapse immediately after its launch. Insider investors cashed out $107 million in liquidity within just 3 hours, leading to a $4 billion market cap wipeout. Jupiter Exchange acknowledged being informed of the token’s impending launch by Milei’s personal tweets, but emphasized that they had no involvement in the insider activities that followed.

Insider Trading Investigation Underway

Milei has requested the Anti-Corruption Office to investigate potential misconduct by government members, including himself, after endorsing the Libra token, which turned into a $100 million rug pull. Political opponents have called for Milei’s impeachment following his support for the controversial token.

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Blockchain analysis firm Bubblemaps revealed that Libra token had flawed tokenomics, with 82% of the supply being unlocked and sellable from the beginning. This contributed to the token’s rapid collapse, as early investors quickly sold off their holdings, exacerbating the crash.

Meme Coin Investments and Growing Trends

The collapse of Libra token added fuel to the growing trend of celebrity-endorsed memecoin investments, such as Donald Trump’s TRUMP token and Melania Trump’s MELANIA token. However, these tokens have seen massive losses as well, with TRUMP down 76% and MELANIA down 90% from their all-time highs.

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The fake account carries a gray verification badge, which is reserved for government officials, and has only 45 posts. On the other hand, David Burt’s real account has a blue checkmark, 6,245 posts, and 12,200 followers.

Premier Burt Calls Out Elon Musk!

On February 14, David Burt discovered the fraudulent account, warned his followers, and reported the situation to Elon Musk and the X management. Burt expressed his frustration, stating, “People are getting scammed due to the lack of controls on this app. Please fix this.” However, despite the complaints, the fake account remains active.

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Political Figures Are Becoming Targets of Memecoin Scams

This incident closely resembles a recent case involving Argentine President Javier Milei. Milei endorsed a token project called Viva La Libertad in an X post. However, the token soon lost 95% of its value, leading to a $107 million scam allegation. Following the controversy, Milei deleted his post and denied any involvement in the project.

As fraudulent token projects linked to political figures continue to emerge, crypto investors must exercise extreme caution to avoid falling victim to these scams.

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Charles Hoskinson’s importance to this meeting lies in the fact that Cardano has long had a strong presence in Argentina. Hoskinson reminded that the Cardano Foundation established a partnership with the Argentine government in June 2024 to increase the adoption of the Cardano network, emphasizing that this meeting will further deepen Cardano’s roots in the country and create a foundation for future projects.

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Argentina has become a country that attracts attention worldwide, especially with its cryptocurrency-friendly policies. The fluctuations in the country’s economic structure, inflationary pressures, and difficulties in the traditional financial system are leading citizens and investors to cryptocurrencies as an alternative asset class. President Milei’s clear policies in this area are advancing Argentina towards becoming an important crypto center not only in Latin America but also worldwide.

In this context, Hoskinson’s meeting will also discuss how Cardano’s blockchain technology can be used more effectively in Argentina and how it can offer innovative solutions in the country’s financial systems. At the same time, this meeting is expected to further solidify Cardano’s position among investors and the technology community in Argentina and increase interest in the Cardano network.

Cardano’s strategic collaborations and meetings with governments such as these contribute to the global adoption of blockchain technology and can also lay a strong foundation for economic recovery and technological innovation in countries like Argentina.

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El Salvador’s Bitcoin Success Sets an Example for Argentina

El Salvador’s financial success in adopting Bitcoin has drawn the attention of other high-inflation economies. In May, the Argentine government began working to learn from El Salvador’s Bitcoin adoption experience and other cryptocurrency activities.

The Argentine Securities Commission (CNV) held talks with El Salvador’s National Digital Assets Commission (CNAD) on crypto adoption and regulation.

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At the meeting, CNV President Roberto Silva said that they want to strengthen ties with the Republic of El Salvador and will therefore explore the possibility of signing cooperation agreements with them. Additionally, Argentina passed registration requirements for crypto firms in April and has begun actively experimenting with cryptocurrencies, with Bitcoin-friendly politician Javier Milei becoming Argentina’s president in late 2023.

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The first nation in the world to adopt Bitcoin as official currency in 2021, Juan Carlos Reyes, the president of the National Digital Assets Commission (CNAD) of El Salvador, visited with vice president Patricia Boedo and securities president Roberto Silva.

Held in Buenos Aires, the National Securities Commission’s (CNV) headquarters, the meeting’s main focus was Bitcoin. Official Juan Carlos Reyes from El Salvador spoke with Argentine officials about his experience with Bitcoin since 2021.

The parties also talked about the more important role Bitcoin plays in the world economy.

President of Argentina’s National Securities Commission, Roberto Silva, commended El Salvador’s advancement in the bitcoin scene and remarked:

“El Salvador has shown itself worldwide in the larger domain of digital assets in addition to Bitcoin usage. We want to get closer to them and boost possible cooperation agreements even further.”

Juan Carlos Reyes also said that they will greatly boost their cooperation with Argentina in the sphere of technology, as Argentina is a nation that is developing more and more daily in this regard.

Known for his strong remarks against central financial institutions, particularly the Central Bank of Argentina, Javier Milei, the recently appointed president of Argentina, contends that a limited supply of Bitcoin is a logical reaction to inflation.

The post Argentina and El Salvador Strengthen Bitcoin Ties appeared first on Coin Engineer.

Bitcoin Purchases Hit 20-Month High

Local cryptocurrency exchange Lemon witnessed a surge in Bitcoin purchases, reaching their highest weekly volume in 20 months. This reflects a growing trend among Argentines seeking financial stability amidst a recession and crippling inflation.

Historically, exchanging Argentine pesos for US dollars served as a common strategy to combat economic volatility. However, this method has lost favor recently, coinciding with a 10% appreciation of the unofficial exchange rate compared to the dollar. Conversely, Bitcoin has experienced a near 60% rise against the US dollar within the same timeframe.

Lemon reported a significant increase in user activity, with nearly 35,000 Bitcoin purchases recorded in the week ending March 10th. This doubles the average weekly volume observed in the previous year. Similar trends are evident on other major Argentinian exchanges like Ripio and Belo.

Stricter Monetary Policy Strengthens Peso

A key factor influencing the peso’s recent strength is the government’s stricter control over the money supply. This policy, spearheaded by President Milei, restricts monetary expansion while the central bank focuses on replenishing its US dollar reserves.

Shifting Preferences: From USD to BTC

According to Manuel Beaudroit, CEO of digital wallet Belo, the volume of Bitcoin and Ether transactions has skyrocketed tenfold in 2024 compared to the same period last year. Interestingly, the proportion of stablecoin purchases, typically pegged to currencies like the US dollar, has decreased from 70% to 60%. This shift suggests Bitcoin’s rally is attracting more investors.

Beaudroit explains, “Users tend to buy Bitcoin when they see its value rising, whereas stablecoins are often used for practical transactions and international payments.” With the ongoing Bitcoin surge, Argentines are diversifying their savings, seeking alternative investment opportunities beyond traditional dollar-based strategies to hedge against inflation.

The Argentinian government has further fueled this trend by introducing tax incentives for citizens to declare their cryptocurrency holdings in December 2023.

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