Displaying items by tag: cryptocurrency

Opposition politicians are calling for president Javier Milei's impeachment following his endorsement of the $Libra cryptocurrency on social media. He claimed it would boost Argentina’s economy by supporting small businesses. The coin immediately soared in value but later plummeted, prompting accusations of a ‘rug pull’ or fraud. Milei later deleted his post, claiming he was unaware of the project's details, but many have called for his removal from office, accusing him of being involved in the development of the scam. Legal action is being pursued, and federal prosecutors are investigating whether Milei committed fraud or criminal association. Cryptocurrency has exploded in Argentina in recent years, amid a decades-long economic crisis and soaring inflation rates. Analysts have warned that the crisis could damage Milei’s reputation as a custodian of economic recovery – and an anti-corruption president – ahead of mid-term elections later this year.

Facebook will launch a Swiss-based cryptocurrency and payment system, called Libra, which could ‘reinvent money’. It is a huge political gamble, but the rewards could be enormous. Facebook is asking its 2.5 billion users and government regulators to entrust it with a power that governments jealously protect - access to money. Currently ‘Big Tech’ has become powerful but is not doing enough to protect the privacy of users or put a stop to fake news. Nevertheless it wants to launch a project that could give Silicon Valley the ability to track not just what people say and like but how they spend their money. If Libra overcomes political and regulatory storms and develops trustworthy technology and financial stability, it would attract 1.7 billion people around the world who currently lack access to traditional bank accounts. It is claimed that they could use their smartphone to make payments, as inexpensively as sending a text message.