El Salvador Signs $1.4B IMF Loan, Makes Bitcoin Acceptance Voluntary

El Salvador has agreed to a $1.4 billion loan from the IMF, making Bitcoin payments voluntary and reducing government engagement in cryptocurrency initiatives. Meanwhile, Coinbase faces legal challenges regarding delisting wBTC, and Exodus shares jumped on their trading debut. Fraction AI and Grayscale Bittensor Trust are receiving investment interest, while Metaplanet has begun trading on the OTCQX market.

El Salvador has recently finalised a significant loan agreement with the International Monetary Fund (IMF), amounting to a whopping $1.4 billion. As part of this deal, the government has decided to make Bitcoin acceptance voluntary. This move signals a distinct shift away from previous policies that strongly encouraged the use of the cryptocurrency in everyday transactions.

In addition to the changes in Bitcoin’s usage, the government will also be scaling back its involvement in Bitcoin-related initiatives. This pivot indicates a broader reassessment of cryptocurrency strategies in El Salvador, especially given the nation’s mixed experiences since adopting Bitcoin as legal tender last year. This deal with the IMF appears aimed at stabilising the economy and restoring fiscal credibility.

Coinbase has been making headlines of its own as a California court recently ruled on its ability to delist wrapped Bitcoin (wBTC). The court denied a request from BiT Global to put a temporary injunction in place, further complicating the cryptocurrency’s status on the exchange. This decision adds layers to the ongoing conversations about regulation and governance within the crypto space.

On a more positive note for the crypto sector, Exodus, a leading crypto wallet provider, celebrated a successful first day of trading. The firm’s shares surged more than 37%, with its price peaking at $64.50 during the trading session. This robust debut illustrates continued investor interest in cryptocurrency-related ventures and their technologies.

In another piece of news, Fraction AI, a company that blends AI technology with cryptocurrency, has successfully raised $6 million in pre-seed financing. This round was led by the Spartan Group and Symbolic Capital, suggesting strong backing and interest from key market players in the emerging intersection of these two high-tech fields.

Additionally, Metaplanet has announced that its shares are now trading on the U.S. OTCQX market under the ticker symbol $MTPLF, marking an important step for the company as it aims to expand its visibility and reach within the financial community.

In the investment space, Grayscale Bittensor Trust is now accessible to accredited investors. This is crucial for investors looking to diversify their portfolios as cryptocurrency investments evolve and secure greater legitimacy. Finally, it’s worth noting that World Liberty recently used 250,000 USDC to procure 231,726 ENA, showcasing ongoing trading activity within the digital currency ecosystem.