El Salvador's Congress has quickly approved new legislation to amend its Bitcoin laws, aligning with an agreement made with the International Monetary Fund (IMF). The reform alters a previous requirement mandating that businesses accept Bitcoin as payment, making it optional for private sector merchants instead. This development comes after President Nayib Bukele proposed the changes to fulfill IMF conditions established in December. The amendment received overwhelming support with 55 votes in favor and only two against, ensuring Bitcoin's status as legal tender remains intact while easing its practical use. El Salvador continues to accumulate Bitcoin, with current holdings amounting to 6,049 BTC, valued at approximately $633 million. The government's spokesperson revealed intentions to enhance Bitcoin purchases further in 2025. Additionally, in a related note, former US Senator Bob Menendez was sentenced to 11 years in prison for corruption, a case pertinent at the time of the Bitcoin law's amendment.

Source 🔗