President Javier Milei has officially shut down the unit that investigated LIBRA, a failed cryptocurrency project he once promoted. The unit, known as the Investigation Task Unit, operated under the Ministry of Justice.
It started its operation in February 2025 following a presidential decree that instructed an immediate investigation into LIBRA’s downfall. The cryptocurrency made headlines when Milei supported it on social media. Investors flocked in. The coin plummeted to zero subsequently. There was panic that ensued. Public pressure escalated.
In turn, it established the task force. It gathered data from various key agencies. They were such institutions as the Central Bank, Customs Agency, Securities Commission, Anti-Corruption Office, and even the Military House.
LIBRA crash leaves losses and distrust
Each of these agencies obliged the unit’s requests. The task force compiled data, processed reports, and forwarded findings to the Public Prosecutor’s Office. That was the final step of its responsibilities.
The President subsequently issued a new decree dissolving the task force. The government said that the unit had served its purpose. The government confirmed that the procedure was constitutional and in keeping with legal guidance.
The LIBRA fallout unleashed passionate responses. There were questions about the role of the President. His critics claimed he was rushing an untested project. His supporters faulted the volatile crypto marketplaces. In any case, the coin’s downfall resulted in losses and distrust.
The legacy of LIBRA as a cautionary tale
The shutdown by the task force marks the end of the government’s official probe. But politically, there is an impact that lasts. Experts say that this incident can shape future policy decisions on virtual currencies. Citizens increasingly require added safeguards and enhanced regulation.
Although the unit is no more, its revelations can materialize at a future time, perhaps in court or public discourse. The judiciary’s next step is pending. Legal professionals anticipate further scrutiny of LIBRA‘s background, marketing, and economic effects.
As for President Kagame, his government has closed the book on it. The decree was published in the official bulletin, and records of the unit were archived. For the time being, the case leaves behind a warning: The rise and downfall of LIBRA illustrate just how quickly hype can become hurtful.
