Cardano

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Cardano is hosting on its network the first legally enforceable smart contract signed in Argentina and under the jurisdiction of its courts.
The contract is a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia for 10,000 Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="null" target="null" text="null" title="null">ADA</a>) tokens—worth $3,380—payable in four months at a 10% interest rate.&nbsp;
It’s the first time an Argentine court can enforce full payment in ADA from a <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/a-beginners-guide-to-the-cardano-network-and-the-ada-ecosystem" rel="null" target="null" text="null" title="null">Cardano smart contract</a>, Andreoli <a data-ct-non-breakable="null" href="https://x.com/MauroAndreoliA/status/1843732654111244561" rel="null" target="null" text="null" title="null">explained</a> in an Oct. 8 X post.
<blockquote>
 “We did it, 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.”
</blockquote>
Andreoli and Macchia also signed an accompanying legal document underpinning key details of the smart contract loan, including the blockchain and wallet used and the transaction ID.
<figure>
 <img alt="Cardano hosts first smart contract legally enforceable in Argentina" src="https://s3.cointelegraph.com/uploads/2024-10/01927470-fe4e-714b-94e4-2b72e033defb" title="">
 <figcaption style="text-align: center;">
 Andreoli reviewing and signing the legal document. Source: Mauro Andreoli/X
 </figcaption>
</figure>
Andreoli said the “milestone” could fast-track Argentine courts to more broadly acknowledge smart contracts as a technology to facilitate commercial agreements.
<blockquote>
 “Legally, this establishes evidence and streamlines procedural steps, marking the initial phase of creating favorable jurisprudence in the country and facilitating commercial transactions.”
</blockquote>
He added that such smart contracts can be applied to the rental of houses, purchase agreements and other legal contracts.
Argentina already has a “robust legal framework” for commercial contracts, but Andreoli said the next step is to educate judges.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-fully-available-argentina-vasp-registration" rel="null" target="null" text="null" title="null">Binance ‘fully available’ in Argentina after VASP registration</a>
Argentina legalized the use of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and other cryptocurrencies <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/argentina-contracts-settled-bitcoin" rel="null" target="null" text="null" title="null">in commercial contracts</a> in December 2023 — 10 days after anti-central bank libertarian <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/javier-milei-argentina-market-friendly-president" rel="null" target="null" text="null" title="null">Javier Milei took office</a> as president.
<figure>
 <img alt="Cardano hosts first smart contract legally enforceable in Argentina" src="https://s3.cointelegraph.com/uploads/2024-10/01927470-08f2-73a1-8a83-e0cf3869806f" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/MauroAndreoliA/status/1843745162402639940" rel="null" target="null" text="null" title="https://x.com/MauroAndreoliA/status/1843745162402639940">Mauro Andreoli&nbsp;</a>
 </figcaption>
</figure>
The contract comes ahead of Cardano’s founder Charles Hoskinson’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/charles-hoskinson-argentina-president-javier-milei" rel="null" target="null" text="null" title="null">scheduled meeting</a> with Milei at the Cardano Summit 2024 in Buenos Aires later this month. Other court systems have accepted crypto technology when carrying out legal proceedings.
In August 2023, a United States court used an <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/onchain-legal-enforcement-jurat-a-purist-nightmare" rel="null" target="null" text="null" title="null">enforcement tool</a> on a blockchain to lock several sanctioned individuals out of their crypto wallets.
In 2022, the High Court of England and Wales allowed the use of a non-fungible token (NFT) to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/uk-court-allows-lawsuit-to-be-delivered-via-nft" rel="null" target="null" text="null" title="https://cointelegraph.com/news/uk-court-allows-lawsuit-to-be-delivered-via-nft">deliver a lawsuit to a defendant</a>.
Later that year, a Florida federal court also allowed a suit to be served via an NFT to the wallets of alleged crypto thieves, as the defendants were unknown.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/el-salvador-bitcoin-chief-argentina/" rel="null" target="null" text="null" title="null">El Salvador’s national Bitcoin chief has been orange-pilling Argentina</a>

Cardano hosts first smart contract legally enforceable in Argentina

Cointelegraph

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