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In the context of cryptocurrency development in Argentina, President Javier Milei has been excluded from any direct financial benefits related to the contentious LIBRA project. According to Hayden Mark Davis, the creator of the LIBRA token, in a revealing interview with the popular YouTuber Coffeezilla, Milei was not destined to earn «not a single dollar» from this project.
The controversy surrounding LIBRA started when President Milei promoted it on social media, triggering a brief but intense rise in the token’s value. However, the quick price drop led to fraud accusations and speculations about the president’s involvement in a potential scam. In the interview, Davis confirmed that the original intentions of the project were to support Argentine entrepreneurs without access to traditional financing, under a nonprofit structure managed by the KIP protocol.
Davis also clarified that the only people directly involved in the token launch were Mauricio Novelli and Manuel Terrones Godoy, both linked to the Tech Form Argentina event. This detail debunks theories suggesting a broader network of beneficiaries or a corruption scheme.
The KIP protocol was intended to operate as a foundation, channeling raised funds into local projects, not into the pockets of specific individuals, thus excluding President Milei from any personal gain.
Milei’s exoneration from any personal profit with LIBRA has been a relief point for his supporters, who viewed this situation as an attempt to tarnish his reputation and administration, known for its focus on economic freedom and reducing the size of the state.
Davis’s statement that Milei’s involvement was more of a disinterested promotion for local economic development has sparked a broader debate on cryptocurrency regulation and the responsibility of political leaders in their promotion.
This event has highlighted the need for greater clarity and regulation in the cryptocurrency market, as well as the importance of transparency in the actions of political leaders when dealing with financial innovations.
