Crypto in Latin America: Argentina’s $Libra Investigation and Colombia’s CBDC Launch

Jakarta, Pintu News – Latin America is back in the cryptocurrency spotlight. Argentina faced controversy over the closure of investigations into the $Libra scandal, while Colombia launched an ambitious central bank digital currency (CBDC) project.

Argentina: $Libra Scandal Investigation Closes

The President of Argentina, Javier Milei, disbanded the Investigative Task Force (UTI) set up to investigate the $Libra cryptocurrency scandal. This decision came after the UTI submitted their findings to the prosecutor’s office, although no official report has been made public. The move drew criticism from the opposition who accused the government of trying to cover up involvement in the scandal.

The $Libra scandal began when Milei promoted the token on social media in February 2025, causing a significant price spike before it plummeted, resulting in huge losses for investors. Although Milei claims to have only shared information without direct involvement, many have alleged market manipulation and insider trading.

Also Read: Astonishing Prediction: Bitcoin Will Break $250,000, Really?

Colombia: Launch of Cosmos-Based CBDC Project

Meanwhile, Colombia announced the launch of a CBDC project built on the Cosmos network. The project aims to improve the efficiency of cross-border payments and strengthen the country’s financial system. According to Maghnus Mareneck, co-CEO of Interchain Labs, this CBDC was developed in collaboration with a consortium of banks and the Colombian government.

Colombia’s move reflects a global trend where countries are beginning to adopt blockchain technology to improve their financial systems. By utilizing Cosmos’ infrastructure, Colombia hopes to create faster, safer, and more transparent payment solutions.

Regional and Global Implications

Developments in Argentina and Colombia show a contrast in approaches to cryptocurrencies and blockchain technology. While Argentina faces challenges in regulation and transparency, Colombia is taking proactive steps in adopting new technologies to strengthen its financial system.

Both cases highlight the importance of a clear and transparent regulatory framework in managing technological innovation in the financial sector. For investors and industry observers, these developments are important indicators in understanding the dynamics of crypto markets in Latin America.

Also Read: XRP Ledger Activity Decline Reaches 90%: What’s the Impact?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• El País. Latam Insights: Milei Dissolves Libra’s Investigation, Colombian CBDC Comes out of Stealth. Accessed May 26, 2025.
• Featured Image: Coingape