XDA-Developers is now reporting that the new terms may be optional. WABetaInfo found a document stating how the new terms will be used and that they will be optional for most WhatsApp users. Facebook now appears to be planning to limit this mandatory change to WhatsApp Business users only.
This means that if you want to use WhatsApp to communicate with friends and family, you can ignore the terms and continue using the service without restrictions. However, if you plan to chat with business accounts, you will still have to “review and accept” the new update to WhatsApp's privacy terms.
The updated terms of service will only apply to users exchanging messages with business accounts. WABetanInfo states that new changes to the Terms of Service will be announced shortly and a future beta version of WhatsApp will be released along with these changes. However, there is no official confirmation from WhatsApp yet.