- The contract signed by Andreoli and Macchia contains the document highlighting cold facts of the smart contract loan.
- The use of Bitcoin as well as crypto currencies in terms of commercial contracts has so far been legalized in December 2023 by Argentina.
- The first step which contains a strong legal framework is already held by Argentina, but the next step is to educate judges.
Cardano is introducing the first ever smart contract over its network with lawful means. The contract was signed earlier and it is now under the control of Argentina’s courts. Cardano ambassadors Mauro Anderoli and Lucas Macchia are bound in this contract for about 10,000 Cardano tokens which amounts to about $3,380.
The amount needs to be paid within 4 months with an interest rate of 10%. On October 8, one of the ambassadors, Anderoli posted on X stating that, “It has never been before that an Argentine court could carry out complete payment in ADA from a Cardano smart contract.”
He further went on adding that “they did it and the first legally and judicially enforceable contract on the cardano network is just signed by them obeying the rules and regulations of the Argentine Republic.”
The contract signed by Andreoli and Macchia contains the document highlighting cold facts of the smart contract loan, the blockchain and wallet used accompanied by the transaction ID.
What did the Ambassador say?
Andreoli also mentioned that this significant step will help in fast-tracking Argentine courts more extensively making the smart contracts as a technology which will help in making a smoother path for commercial agreements.
“If we talk about the legal terms, it lays the foundation of evidence and rationalizing procedural steps, keeping its first step to make a flattering jurisprudence within the boundary and strengthening commercial transactions.”
He further added that one can use these smart contracts for rental of houses, buying agreements or any kind of legal contracts. The first step which contains a strong legal framework is already held by Argentina, but the next step is to educate judges.
The use of Bitcoin as well as crypto currencies in terms of commercial contracts has so far been legalized in December 2023 by Argentina. The decision came within 10 days after Javier Milei took charge as president of the country.
A special meet
At the Cardano Summit 2024 held in Buenos Aires the founder of Cardano, Charles Hoskinson is supposed to do a meeting with the president Milei. Crypto technology has been broadly accepted by other court systems while implementing the judicial proceedings.
Last year, an enforcement tool was used by the United States to put a hold over many authorized individuals from their crypto wallets. Two years before, the High Court of England as well as Wales accepted using the non-fungible tokens (NFT) to give a legal action to an accused.
In that same year, the federal court of Florida granted a law which was to perform its duties through NFT to the wallets of accused crypto burglars, as the main suspect was not known till then.
