Crypto Shenanigans: Milei’s Magic Trick and Colombia’s Digital Currency Adventure!

Milei Dissolves Argentine Task Force Investigating Alleged Libra Market Manipulation

Once upon a time, in a land not so far away, a decree was issued—Decree 114/2025, to be precise—tasking the UTI with the noble quest of gathering evidence on LIBRA’s volatility. This was after Milei, in a moment of social media brilliance, endorsed the token, causing its price to soar and then plummet like a lead balloon. The unit, a merry band of bureaucrats, coordinated with various agencies, including the Financial Information Unit, Central Bank, and the Anti-Corruption Office, to submit their findings to the Office of the Prosecutor General. Talk about a game of bureaucratic tag!

On May 19, the latest decree was issued, signed by Milei and his trusty sidekick, Justice Minister Mariano Cúneo Libarona, declaring that the UTI had “fulfilled its functions” and was now as useful as a chocolate teapot. The scandal erupted when it was revealed that wallets linked to senior figures had sold LIBRA tokens right after Milei’s post, leading to a cacophony of investor complaints about market manipulation. Who knew crypto could be so dramatic? 🎭

Opposition lawmakers, with all the subtlety of a sledgehammer, accused Milei of mixing public office with private interests, citing his 2023 campaign events where he allegedly collected $20,000 in undocumented cash from business leaders during private dinners organized with his sister, Karina Milei. Meanwhile, the UTI may have wrapped up its work, but a congressional investigative committee formed in April is still twiddling its thumbs, waiting to begin proceedings. Talk about a slow-moving train wreck!

In a twist of fate, Colombia has decided to join the digital currency party, experimenting with the creation of a central bank digital currency (CBDC). In an interview with The Street, Interchain Labs co-CEO Maghnus Mareneck revealed that they are working with a consortium of banks and the Colombian government on a pilot for this yet-to-be-named currency. It’s like a secret club, but with more paperwork and fewer snacks.

While Mareneck was as vague as a politician on election day about the CBDC details, he did mention that the currency would target cross-border payments and would run on top of Cosmos using IBC Eureka. Because why not throw in some fancy tech jargon to keep everyone guessing?

Mareneck emphasized the importance of leveraging Cosmos and IBC Eureka for this project, as they are part of a technology stack that the Colombian government can use privately, avoiding the need for public infrastructure. It’s like having your cake and eating it too, but without the calories! 🎂

Largest Bank in Guatemala Turns to Crypto for Remittances

In a bold move, Banco Industrial, the largest bank in Guatemala, has announced its integration of Sukupay, a crypto-based cross-border payment provider, to supercharge its remittance services. With Sukupay, Banco Industrial now offers its customers remittances at a flat fee of $0.99, allowing them to receive these funds in their bank accounts. Michel Caputi, Head of the Strategic Alliances Division at Banco Industrial, proudly declared, “This is a modern solution to a legacy problem — and we’re proud to lead the way in Latin America.” Because nothing says “we’re modern” like a flat fee! 💸

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