Bitrabo Editorial
Cardano has achieved a notable legal breakthrough in Argentina by signing the first contract on the ADA blockchain that is both legally binding and enforceable, fully adhering to Argentine law. On October 8, Mauro Andreoli, a Cardano ambassador and member of the Interim Constitutional Committee (ICC), shared this milestone on X (formerly Twitter), announcing the finalization of a loan agreement alongside fellow ADA ambassador and Token Allies co-founder, Lucas Macchiavelli.
“We achieved it! We just signed the first legally enforceable contract on the Cardano network, compliant with Argentine law. This means any breach can be legally pursued in court for obligations in ADA,” Andreoli stated.
Cardano’s Growth in Argentina
The contract specifies a loan of 10,000 ADA to be repaid in four months with a 10% interest rate. The transaction is validated through its ID on the blockchain, which acts as proof. Andreoli mentioned that the legal document includes essential information, such as network details, wallet addresses, and the loan’s transaction ID.
“This creates evidence and simplifies legal processes, marking a significant step towards developing favorable legal standards in Argentina and easing business transactions,” Andreoli noted. He remarked that this lays the foundation for future legally smart contracts and strengthens the legal framework.
He underscored the need for judiciary education on blockchain technology, expressing confidence in the existing legal structure. “We have a solid legal base for contracts from the Argentine Civil and Commercial Code and Presidential Decree 70/23 issued by President Milei,” he stated. Although he couldn’t disclose the complete contract due to personal privacy concerns, he indicated that similar structures could be applied to various transactions like property rentals and sales.
Additionally, he pointed out that this framework could be advantageous for companies within the ADA ecosystem, such as NMKR, Emurgo, Lagon, and PALM Economy, allowing them to constitutionally structure their operations on the Cardano network. “These entities can benefit from this advancement, ensuring their commercial activities are under a solid legal framework,” Andreoli mentioned.
The Cardano Foundation praised this accomplishment, posting on X, “Great job, Mauro Andreoli! Your efforts for the Cardano community are highly valued. Keep it up!”
This milestone comes as Cardano’s founder, Charles Hoskinson, is set to visit Argentina for the Cardano Summit 2024 in Buenos Aires later this month. Hoskinson will meet with Argentine President Javier Milei on October 19 at Tech Forum Argentina to discuss the future of blockchain and the cryptocurrency sector.
As of now, ADA is trading at $0.3368.
