Cardano Hosts First Legally Enforceable Smart Contract in Argentina
#Cardano has achieved a historic milestone by launching its first legally enforceable smart contract in Argentina. The contract, signed between Cardano ambassadors Mauro Andreoli and Lucas Macchia, involves a loan of 10,000 ADA tokens (approximately $3,380) with a 10% interest rate and a repayment period of four months. This marks the first instance where an Argentine court can oversee a smart contract executed entirely in ADA.
This development follows Argentina's decision in December 2023 to legalize the use of Bitcoin and cryptocurrencies in commercial contracts. Andreoli highlighted the significance of this achievement, noting that smart contracts can simplify legal agreements for various transactions, from house rentals to purchase agreements.
The contract sets a precedent for future blockchain-based legal agreements in the country. Cardano's founder, Charles Hoskinson, is set to meet with Argentina's President Javier Milei during the Cardano Summit 2024 in Buenos Aires, further emphasizing the growing role of cryptocurrency in Argentina's legal and commercial landscape.
