It hosts the first legally enforceable smart contract in Argentina

• Cardano Ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract.
• The first Cardano loan agreement 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) is recovering slightly to trade around $0.34 on Friday after falling 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 future recognition legalization of blockchain-based agreements in the country.

Cardano marks a milestone with the first loan agreement under Argentine law

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

“I 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 Republic of Argentina.”

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 made in four months at an interest rate of 10%. The transaction has been validated with the transaction ID.

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

Milei legalized the use of 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 is a major step in the adoption of blockchain technology within the legal framework. With the support of Cardano’s network and Argentine courts, this contract may set the tone for future legal recognition of blockchain-based agreements in the country.