Argentine President Javier Milei is facing a corruption probe into his promotion of a meme coin, which is a highly speculative form of cryptocurrency that’s seen a recent surge in popularity after President Donald Trump and his wife launched tokens of their own.

The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto President Javier Milei in late 2023, has come crashing down as hopes for progress in the sector’s regulatory framework vanish following the scandal surrounding memecoin Libra (LIBRA).

President Milei reposts a tutorial on buying $LIBRA, drawing heavy criticism after the cryptocurrency's value crashed, leading to over $4 billion in losses.