Cardano Ambassador Mauro Andreoli announced on October 8, via social media platform X, that he and Lucas Macchia had signed the first legally and judicially enforceable contract on the Cardano network. This agreement, compliant with the laws of the Argentine Republic, represents a major step forward for the adoption of blockchain technology in legal transactions. According to Andreoli, the contract can be enforced in court, making any breach of the agreement subject to legal action, with obligations payable in ADA, Cardano’s native cryptocurrency.
The contract in question was a loan agreement between Andreoli and Macchia for 10,000 ADA, with a repayment period of four months at a 10% interest rate. Andreoli noted that the transaction was notarized with a unique transaction ID, which is referenced in the accompanying legal documentation. While Andreoli expressed enthusiasm about sharing the details, he mentioned that the full contract remains private due to the inclusion of sensitive personal information, such as his ID number, home address, and wallet details.
Andreoli emphasized the significance of this development, calling it a milestone for the Cardano network and for blockchain technology in Argentina. He believes this legally enforceable smart contract establishes important legal evidence and simplifies procedural steps for future blockchain-based agreements. This advancement, Andreoli noted, marks the initial phase of creating favorable jurisprudence in Argentina, which could facilitate the broader adoption of smart contracts in various commercial transactions.
He also highlighted the flexibility of such contracts, stating that the framework used in this loan agreement could be applied to other legal agreements, such as house rentals, purchase contracts, or any other business transaction requiring a legal framework. This flexibility, combined with the existing robust legal framework in Argentina, provides a solid foundation for future developments.
Andreoli further added that the signing of this contract not only benefits individual agreements but also paves the way for companies within the Cardano ecosystem to legally structure their businesses. He specifically mentioned organizations like NMKR, EMURGO, Lago, and PALM Economy, which could leverage this development to ensure a legally sound framework for their operations on the Cardano network.
This structure and the associated benefits will also enable all companies within the Cardano ecosystem, such as @nmkr_io , @emurgo_io , @IagonOfficial , and @palmeconomy , to legally structure their businesses if they choose to do so. These organizations can leverage the results… pic.twitter.com/owH4yw6NAc
— Mauro Andreoli || Cardano Ambassador (@MauroAndreoliA) October 8, 2024
This development comes just before Charles Hoskinson, the founder of Cardano, is expected to meet Argentine President Javier Milei on October 19 at the Tech Forum Argentina event in Buenos Aires.
I spy with my little eye, a president and a founder who’ll speak up high.🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷🇦🇷 pic.twitter.com/U9dWHbnil1
— Mauro Andreoli || Cardano Ambassador (@MauroAndreoliA) September 17, 2024
Featured Image via Unsplash
