{"id":122991,"date":"2025-02-15T02:41:28","date_gmt":"2025-02-15T01:41:28","guid":{"rendered":"https:\/\/ceadigilaw.org\/blog\/milei-e-a-geopolitica-das-criptomoedas-liberdade-financeira-ou-manipulacao\/"},"modified":"2025-02-15T02:41:28","modified_gmt":"2025-02-15T01:41:28","slug":"milei-e-a-geopolitica-das-criptomoedas-liberdade-financeira-ou-manipulacao","status":"publish","type":"post","link":"https:\/\/ceadigilaw.org\/pt\/blog\/milei-e-a-geopolitica-das-criptomoedas-liberdade-financeira-ou-manipulacao\/","title":{"rendered":"Milei and the geopolitics of cryptocurrencies: financial freedom or market manipulation?"},"content":{"rendered":"
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By Antonio Tejeda Encinas<\/span><\/a><\/span>, President of the Euro-American Committee of Digital Law - CEA Digital Law<\/span><\/a><\/span>, CEO of Meta Channel Corp<\/span><\/a><\/span><\/em><\/div>\n<\/div>\n
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The promotion of cryptocurrencies<\/strong> by President Javier Milei<\/strong> is neither an isolated event nor a mere ideological gesture. What might look like support for decentralisation and the free market in fact conceals a far more complex phenomenon.<\/div>\n<\/div>\n
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First it was CoinX in 2022; now it is LIBRA in 2025. Both cases reveal a disturbing pattern of behaviour: a political leader promoting specific crypto projects that end in financial collapse, massive losses for investors and a worrying lack of regulation.<\/div>\n<\/div>\n
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Is this simple recklessness, or is there market manipulation driven by hidden interests?<\/div>\n<\/div>\n
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In this analysis, we explore two key aspects:<\/div>\n
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\"1\ufe0f\u20e3\"<\/span> The geopolitics behind Milei\u2019s crypto-politics: is Argentina a testing ground for crypto deregulation, or a pawn in a larger financial game?<\/div>\n<\/div>\n
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\"2\ufe0f\u20e3\"<\/span> The regulatory vacuum and its impact on the Argentine economy: how is the lack of supervision turning the country into a haven for large-scale financial fraud?<\/div>\n
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\"1\ufe0f\u20e3\"<\/span> Geopolitics and crypto-politics: Argentina as a testing ground.<\/h3>\n<\/div>\n
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Cryptocurrencies are not just a financial or technological phenomenon; they are also a geopolitical instrument. Countries with different motivations have taken very different approaches to digital assets:<\/div>\n
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\"\u2705\"<\/span> El Salvador (2021): made Bitcoin legal tender, defying the IMF in pursuit of financial independence.<\/div>\n<\/div>\n
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\"\u2705\"<\/span> Dubai: established itself as a crypto hub with favourable regulation and tax advantages.<\/div>\n<\/div>\n
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\"\u2705\"<\/span> The US and the European Union: apply strict regulation to balance innovation with market security.<\/div>\n<\/div>\n
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\"\u2705\"<\/span> China and Russia: restrict the use of cryptocurrencies, which they see as a threat to state control over the economy.<\/div>\n
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\"\ud83d\udd39\"<\/span> Where does Argentina stand on this chessboard?<\/strong><\/div>\n
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Argentina has a historically unstable economy, runaway inflation and badly eroded confidence in its national currency. That makes it fertile ground for the mass adoption of cryptocurrencies, but also a perfect target for high-risk speculative operations.<\/div>\n<\/div>\n
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Financial freedom or market manipulation?<\/strong><\/div>\n<\/div>\n
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Milei has gone beyond supporting financial decentralisation: he has promoted specific crypto projects with catastrophic consequences.<\/div>\n
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\"\ud83d\udcc9\"<\/span> The CoinX case (2022): the first precedent<\/strong><\/div>\n
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\"\ud83d\udd38\"<\/span> Milei, then still a national deputy, promoted CoinX on his social media.<\/div>\n<\/div>\n
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\"\ud83d\udd38\"<\/span> CoinX offered guaranteed returns without explaining its financial model (a classic sign of a pyramid scheme).<\/div>\n<\/div>\n
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\"\ud83d\udd38\"<\/span> The National Securities Commission (CNV) stepped in and ordered its closure.<\/div>\n<\/div>\n
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\"\ud83d\udd38\"<\/span> Outcome: investors lost money and Milei washed his hands of the problem, claiming ignorance.<\/div>\n
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\"\ud83d\udca5\"<\/span> The LIBRA case (2025): the bigger scandal<\/strong><\/div>\n
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\"\ud83d\udd39\"<\/span> Now president, Milei promoted the LIBRA token from his official X account.<\/div>\n<\/div>\n
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\"\ud83d\udd39\"<\/span> Within a few hours, LIBRA reached a market capitalisation of $4.5 billion.<\/div>\n<\/div>\n
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\"\ud83d\udd39\"<\/span> The price fell by 89% after its launch, causing massive losses.<\/div>\n<\/div>\n
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\"\ud83d\udd39\"<\/span> Analysts detected signs of a pump & dump, a strategy in which an asset\u2019s value is artificially inflated before the gains are cashed out.<\/div>\n<\/div>\n
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\"\ud83d\udd39\"<\/span> LIBRA\u2019s developers withdrew approximately $87 million before the collapse.<\/div>\n<\/div>\n
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\"\ud83d\udd39\"<\/span> Milei deleted his post and once again claimed ignorance.<\/div>\n
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\"\ud83d\udd34\"<\/span> A clear pattern: promotion, artificial surge, collapse and disavowal.<\/strong><\/div>\n
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\"\ud83d\udca1\"<\/span> The big question: is this mere irresponsibility, or is there a hidden financial interest?<\/div>\n<\/div>\n
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A president\u2019s endorsement of a specific cryptocurrency is not an innocent act. It builds market confidence and mobilises investment, benefiting the insiders who pull out their capital at exactly the right moment. By acting as a promoter, Milei not only reinforces his libertarian narrative but also amplifies schemes that end up hurting small investors.<\/div>\n
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\"2\ufe0f\u20e3\"<\/span> Argentina and the regulatory vacuum: a paradise for speculation<\/h3>\n
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\"\ud83d\udccc\"<\/span> The lack of crypto regulation in Argentina<\/strong><\/div>\n<\/div>\n
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Argentina has been one of the countries with the highest rates of cryptocurrency adoption, but without a solid regulatory framework. This has made the country fertile ground for fraud.<\/div>\n
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Comparison with other markets:<\/strong><\/div>\n
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\"\ud83d\udccd\"<\/span> The US and the SEC: actively investigate crypto fraud and penalise irresponsible promotion (for example, Elon Musk and Dogecoin).<\/div>\n<\/div>\n
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\"\ud83d\udccd\"<\/span> Europe and MiCA (the Markets in Crypto-Assets Regulation): strict rules have been introduced to control the market and prevent scams.<\/div>\n<\/div>\n
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\"\ud83d\udccd\"<\/span> Argentina: has no body with sufficient authority to intervene in fraudulent schemes such as LIBRA.<\/div>\n<\/div>\n
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\"\ud83d\udd38\"<\/span> The result? A completely unregulated crypto market in which anyone can launch a token without meeting any prior requirements.<\/div>\n
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\"\ud83d\udea8\"<\/span> Milei and the failure to impose controls<\/strong><\/div>\n
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Since taking office, Milei has pushed an agenda of extreme deregulation. However, instead of establishing a framework that gives investors security, he has fostered a model in which:<\/div>\n
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\"\u274c\"<\/span> There are no protections against financial fraud.<\/div>\n<\/div>\n
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\"\u274c\"<\/span> Any person or group can launch a cryptocurrency without a prior audit.<\/div>\n<\/div>\n
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\"\u274c\"<\/span> The supervisory institutions (the CNV and the Central Bank) have only limited powers to intervene.<\/div>\n<\/div>\n
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The problem is not the promotion of cryptocurrencies as such, but the way it is done and the consequences it brings.<\/div>\n
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\"\ud83d\udcca\"<\/span> Impact on the Argentine economy<\/strong><\/div>\n
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The consequences of this regulatory vacuum and of Milei\u2019s irresponsible promotion of cryptocurrencies are alarming:<\/div>\n
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\"\ud83d\udd34\"<\/span> \"1\ufe0f\u20e3\"<\/span> Loss of confidence in Argentina\u2019s crypto ecosystem \u2192 deterring serious investment in the sector.<\/div>\n<\/div>\n
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\"\ud83d\udd34\"<\/span> \"2\ufe0f\u20e3\"<\/span> Capital flight to safer markets \u2192 hampering the country\u2019s financial development.<\/div>\n<\/div>\n
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\"\ud83d\udd34\"<\/span> \"3\ufe0f\u20e3\"<\/span> Greater exposure to fraud \u2192 hitting hardest the small investors who trust the president\u2019s word.<\/div>\n
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\"\ud83d\udca1\"<\/span> Conclusion: where is Argentina heading in the Milei era?<\/h3>\n<\/div>\n
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The Milei\u2013CoinX\u2013LIBRA case is not an isolated episode. It is the manifestation of a model of economic governance based on unchecked deregulation, which paves the way for runaway speculation.<\/div>\n<\/div>\n
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\"\u26a0\ufe0f\"<\/span> If appropriate regulation is not put in place, Argentina will cement its position as a high-risk market for crypto investment, where:<\/div>\n<\/div>\n
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\"\u2714\ufe0f\"<\/span> Retail investors will continue to be the main victims.<\/div>\n<\/div>\n
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\"\u2714\ufe0f\"<\/span> The government will take no responsibility for frauds it has indirectly endorsed.<\/div>\n<\/div>\n
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\"\u2714\ufe0f\"<\/span> The country will be a magnet for financial projects of dubious legitimacy.<\/div>\n<\/div>\n
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\"\ud83d\udd0e\"<\/span> The big final question: is Milei merely a naive champion of financial freedom, or is there a pattern of market manipulation driven by hidden interests?<\/div>\n<\/div>\n
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If the pattern repeats itself with a third cryptocurrency, the answer will be obvious.<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Antonio Tejeda Encinas, President of the Euro-American Committee of Digital Law - CEA Digital Law, CEO of Meta Channel Corp The promotion of cryptocurrencies by President Javier Milei is neither an isolated event nor a mere ideological gesture. What might look like support for decentralisation and the free market in fact conceals a far […]<\/p>\n","protected":false},"author":2,"featured_media":113186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wds_primary_category":0,"wds_primary_cea_women":0,"footnotes":""},"categories":[1104,1103],"tags":[],"cea_women":[],"class_list":["post-122991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis-opinion","category-blockchain-crypto-assets"],"acf":[],"_links":{"self":[{"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/posts\/122991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/comments?post=122991"}],"version-history":[{"count":0,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/posts\/122991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/media\/113186"}],"wp:attachment":[{"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/media?parent=122991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/categories?post=122991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/tags?post=122991"},{"taxonomy":"cea_women","embeddable":true,"href":"https:\/\/ceadigilaw.org\/pt\/wp-json\/wp\/v2\/cea_women?post=122991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}