After the failed attempt in the Senate to create a bicameral commission that would investigate the launch of the Memecoin Libra, the Communications and Informatics Commission of the Chamber of Deputies carried out a debate on the subject.
The meeting, which was held this February 25, aimed to analyze the scandal that was generated with the Token made by the president of Argentina, Javier Milei.
The meeting was attended by guests related to the Argentine cryptocurrency ecosystem. They were among them Mariano Biocca, director of the Fintech Chamber of Argentina; Santiago Siri computer developer; and the programmer and artificial intelligence expert Maximiliano Fortman.
During the meeting, most participants highlighted the need for the South American country to make more efforts For the development of a regulationadvocating “separating the straw from the wheat” in the world of cryptocurrencies. Thus pointed out the proliferation of many scams in the ecosystem, which operate at the same time that serious people and companies.
“There is an epidemic of Ponzi schemes and fraudulent businesses in an environment where there is a lot of ignorance, which possibly caused a figure like that of the president to fall,” said Firtman.
In that sense, the director of the Fintech Chamber highlighted the fact that Argentina is a leader in the cryptocurrency industry, being the country that has the highest volume of transactions in digital assets.
In fact, before the consultations of some deputies there was talk of the strength of digital currencies such as Bitcoin (BTC), characterized – unlike other projects that abound in the sector – by their decentralization.
This fact was highlighted by developer Santiago Siri, who intervened remembering the plans that exist in the United States to create a bitcoin reserve and the advances that already exist on it in El Salvador.
Siri quoted Bitcoin as an opportunity for the country and recalled that one of the failures of many of the people, who suffered losses with Libra, was not to have applied one of the best known slogans in the ecosystem: “Verify do not trust.”
Like Biocca, he talked about the role that Argentina plays in the sector. “1 in four Argentines use cryptocurrencies, especially due to the economic crises that the country has lived.”
It is a situation that has led to Argentina to have many experts on the subject, which They could have “better advising” Milei. And like the rest of the guests, he mentioned the large number of solid and international prestige companies that operate from Argentina.
At this point, several deputies raised questions to the participants, questioning about the possibility that the launch of Libra or not as a scam is qualified, and about the form of Weigh the participation of Milei in the project. The answers to this question were mixed, because some considered it a crime and others did not.
The main doubt revolved around what is identified as “public application to invest in a financial asset.” Three elements were also taken into account to define whether Milei’s tweet, with which Libra announced, It was a promotion or only “a diffusion” As the president says.
They were cited about it 3 elements that differentiate a dissemination from a promotion. In order for a message to be considered promotional, it must call for action (through the mention of an account), it must contain an unimportant language that exalts the product, and must provide an economic benefit to those who make it known.
However, it was clarified that the final qualification of the president’s post as a promotional message JUDGMENT TO LEGAL EXPERTS.
In that sense, it is worth adding that this meeting had informative and non -investigative purposesas noted by the president of the commission, Pablo Carro. “We have no investigative purposes, but information expanding purposes, linked to the topic of crypto and digital identities,” he said.
As Cryptonotics reported, this debate occurs in a context where criticism rains to the president of Argentina, both nationally and internationally. Milei’s main opposition parties promoted the debate in Congress, after not getting a political trial on the case.