El Salvador Updates Bitcoin Law, Making Business Adoption Optional

Last Updated on January 30, 2025

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Key Takeaways:

  • El Salvador amends Bitcoin law to comply with IMF conditions, making BTC optional for businesses instead of mandatory.
  • The country continues to accumulate Bitcoin, adding 12 BTC recently, with plans for more purchases in 2025.
  • El Salvador’s Bitcoin holdings have surged 127%, now worth ~$633M, with an average buy price of $46K per BTC.

El Salvador’s Congress has approved amendments to its Bitcoin law to comply with conditions set by the International Monetary Fund (IMF) as part of a $1.4 billion loan agreement.

The bill, introduced by President Nayib Bukele, was passed swiftly with 55 votes in favor and only two against.

The reform removes the previous requirement for businesses to accept Bitcoin, making it an optional payment method while maintaining its status as legal tender.

Lawmaker Elisa Rosales stated that the changes improve Bitcoin’s practical implementation while ensuring its long-term use in the country.

Despite the adjustment, El Salvador remains committed to Bitcoin, recently adding 12 BTC to its national reserves.

The country currently holds 6,049 BTC, valued at approximately $633 million, reflecting a 127% increase in its portfolio’s value.

Officials also confirmed plans to continue Bitcoin acquisitions in 2025.

El Salvador became the first country to adopt Bitcoin as legal tender in 2021.

Meanwhile, in related news, former U.S. Senator Bob Menendez, a critic of El Salvador’s Bitcoin policy, was sentenced to 11 years in prison for bribery involving cash and gold, following an FBI investigation.

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