Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract

Source Fxstreet
  • Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract.
  • The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
  • This contract may set the tone for future legal recognition of blockchain-based agreements in the country.

Cardano (ADA) recovers slightly to trade around $0.34 on Friday after declining 4% so far this week. Cardano’s ambassador Mauro Andreoli recently highlighted the milestone of Argentina’s first legally and judicially enforceable contract — a loan agreement for 10,000 ADA tokens, valued at $3,380 — which may set a precedent for the future legal recognition of blockchain-based agreements in the country. 

Cardano marks milestone with first loan agreement under Argentine law

Cardano has achieved a significant milestone by hosting Argentina’s first legally enforceable smart contract. Cardano ambassador Mauro Andreoli announced this achievement in a Twitter post on Tuesday.

“We did it,” he wrote. “We have just signed the first legally and judicially enforceable contract on the Cardano network, in full compliance with the laws of the Argentine Republic.”

The legal agreement follows Argentina’s decision in December 2023 to legalize cryptocurrency for commercial contracts. The contract is a loan agreement between two Cardano ambassadors, Mauro Andreoli and Lucas Macchia, for 10,000 ADA tokens valued at $3,380. Repayment is due in four months at a 10% interest rate. The transaction was notarized with the Transaction ID.

This legal precedent comes just weeks before Cardano founder Charles Hoskinson will meet with Argentine President Javier Milei at the upcoming Cardano Summit 2024.

Milei has legalized using Bitcoin and other cryptocurrencies in commercial contracts as part of his administration’s pro-crypto stance.

Cardano’s first legally enforceable smart contract in Argentina represents a major step in adopting blockchain technology within legal frameworks. With the support of Cardano’s network and the Argentine courts, this contract may set the tone for future legal recognition of blockchain-based agreements in the country.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold price remains close to $3,400/two-week top as trade tensions offset modest USD bounceGold price (XAU/USD) retreats from over a two-week high, around the $3,409-3,410 area during the Asian session as traders opt to take some profits off the table heading into the weekend.
Author  FXStreet
Aug 08, Fri
Gold price (XAU/USD) retreats from over a two-week high, around the $3,409-3,410 area during the Asian session as traders opt to take some profits off the table heading into the weekend.
placeholder
Bitcoin Bull Run at Risk as Whales Sell and Retail Buys In LateThe tug of war between Bitcoin bulls and bears since the asset reached its all-time high of $122,054 on July 14 has kept prices largely rangebound. 
Author  Beincrypto
Aug 08, Fri
The tug of war between Bitcoin bulls and bears since the asset reached its all-time high of $122,054 on July 14 has kept prices largely rangebound. 
placeholder
Gold Price Forecast: XAU/USD remains capped under $3,400 ahead of US inflation dataThe Gold price (XAU/USD) attracts some sellers to near $3,390 during the early Asian session on Monday.
Author  FXStreet
1 hour ago
The Gold price (XAU/USD) attracts some sellers to near $3,390 during the early Asian session on Monday.
placeholder
EUR/USD holds gains around 1.1650 due to cautious tone surrounding ECB outlookEUR/USD edges higher after registering losses in the previous session, trading around 1.1650 during the Asian hours on Monday.
Author  FXStreet
1 hour ago
EUR/USD edges higher after registering losses in the previous session, trading around 1.1650 during the Asian hours on Monday.
placeholder
Ethereum Surges Past $4,300 as Markets Await Pivotal CPI DataOver the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise.
Author  Beincrypto
55 mins ago
Over the weekend, Fed Vice Chair Michelle Bowman’s unexpected remarks fueled Ethereum’s surprise rise.
Related Instrument
goTop
quote