Samson Mow, CEO of JAN3, remarked that El Salvador is now “less unique” due to recent amendments to its Bitcoin law, which retain legal tender status but remove mandatory acceptance by businesses. The IMF has pushed these changes as part of a funding deal. Local Bitcoin initiatives, however, continue to grow, indicating resilience in the community’s cryptocurrency efforts.
Samson Mow, CEO of JAN3, expressed that El Salvador has become “less unique” after amendments to its Bitcoin law. Initially, the country earned recognition for adopting Bitcoin as legal tender in 2021, but new changes have diminished this pioneering status amidst pressure from institutions like the IMF.
On January 30, lawmakers revised the Bitcoin law, maintaining its legal tender status but removing the necessity for businesses to accept it. Additionally, the government will not accept Bitcoin for tax payments and will relinquish control of the Chivo Wallet, its state-backed Bitcoin storage platform.
These revisions align with a deal made in December 2024 with the IMF, seeking $1.4 billion in financing for economic reforms. Mow highlighted that El Salvador is now comparable to other regions with grassroots Bitcoin adoption or advantageous tax laws, citing alternatives such as Bhutan or the US, which are also considering Bitcoin reserves.
Despite setbacks in the national framework for Bitcoin, local initiatives are growing, particularly in Berlín, where over 100 businesses accept Bitcoin payments. Local leaders like Evelyn Lemus are promoting Bitcoin education and community engagement, showcasing sustained interest in cryptocurrency.
Furthermore, El Salvador’s Bitcoin Office is actively accumulating Bitcoin, recently announcing the addition of another Bitcoin to its reserves. Despite recent challenges, the local commitment to Bitcoin remains strong, suggesting potential for continued growth in this sector.
The recent amendments to El Salvador’s Bitcoin law have led to perceptions of the country being “less unique” within the cryptocurrency landscape. Although the national framework has shifted due to external pressures, local initiatives and educational efforts highlight ongoing local interest in Bitcoin. Mow’s comments emphasize that while El Salvador’s pioneering image has diminished, there are still opportunities for the growth of Bitcoin adoption at the community level.
Original Source: thecryptobasic.com
