JAN3 CEO Samson Mow asserts that El Salvador is now “less unique” following its Bitcoin law amendment.
When El Salvador made the groundbreaking decision to adopt Bitcoin as legal tender in 2021, it received laurels from proponents of the digital asset as a pioneer in high-level adoption.
But nearly four years later, amid continued pressure from international bodies like the International Monetary Fund, the country has been forced to scale back its move.
The changes have given Bitcoiners who had once touted the small Central American country as paradise pause for thought.
“Less Unique”
Samson Mow, CEO of Bitcoin advocacy firm JAN3, which played an instrumental role in El Salvador’s Bitcoin adoption journey, has asserted that the country is now “less unique” while explaining what changes to its Bitcoin law meant for Bitcoiners.
On January 30, lawmakers passed changes to the country’s Bitcoin law that, while still affording the asset legal tender status in name, no longer makes it compulsory for businesses to accept it as a means of payment.
At the same time, the government can no longer accept it as payment for taxes and other services. Furthermore, the government will also give up its stake in Chivo Wallet, the state-backed Bitcoin wallet.
The amendments come as part of a deal struck with the IMF in December 2024 to secure $1.4 billion in funding for economic reforms.
Delving into changes to the law, which have no doubt come as a gut punch to Bitcoiners who have moved or considered moving to the country to live solely on the asset, JAN3’s Samson Mow asserted that the country was now no different from any region with strong grassroots adoption or a favorable tax regime.
“If you want to live in a country with a BTC reserve, you have Bhutan or soon the US. If you want legal tender, Prospera still recognizes BTC as legal tender,” Mow stated, listing off examples.
Despite these views, El Salvador’s Bitcoin future may still be bright.
Still Bitcoin Country?
While El Salvador’s Bitcoin legal tender push may have hit a roadblock, for now, local initiatives appear to be waxing strong. A prime example is the municipality of Berlín, where more than 100 businesses accept Bitcoin payments, with local leaders like Evelyn Lemus continuing Bitcoin education efforts.
Help us support this project to beautify the Bitcoin City of El Salvador 🇸🇻 https://t.co/fhQyiHADmr
— Evelyn Lemus (@Evelynlemus2906) February 13, 2025
At the same time, the country’s Bitcoin Office, dedicated to stacking sats and orange-pilling locals, continues to trot on. As recently as Thursday, February 13, it announced that the country had added yet another Bitcoin to its coffers.
