Cardano Breakthrough: ADA Used in Argentina's First Legally Enforceable Smart Contract

• The first ‘legally and judicially enforceable contract” on the Cardano network has been signed for a loan amount of 10,000 ADA ($3,400), payable over a period of 4 months. 

• According to one of the parties involved, this groundbreaking move is the initial stage of creating a “favorable jurisprudence” in Argentina. 

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A Cardano (ADA) ambassador and an attorney at the Buenos Aires Bar Association, Mauro Andreoli, has just disclosed to have signed the first legally and judicially enforceable contract on the Cardano network in full compliance with the laws of the Argentina Republic. According to him, this groundbreaking move would serve as a model for future legal smart contracts and also fortify the judicial system. 

Subjecting his claim to comprehensive analysis, CNF discovered that the contractual object was a loan between Andreoli and another Cardano ambassador identified as Lucas Macchiavelli. The details captured in this agreement involved a loan amount of 10,000 ADA ($3,400) which is payable in 4 months at an interest rate of 10%.

In his post, Andreoli shared a picture of himself signing the legal document that contained many important details including the network, his wallet, and the transaction ID of the loan agreement. 

This is undoubtedly a significant advancement. For now, I can’t share the full contract, as it contains all my personal information, including my ID number, home address, family information, wallet, and other sensitive details. This is a significant milestone.

According to him, this interesting development is the initial phase of creating “favorable jurisprudence” in Argentina and ensuring that commercial transactions are facilitated. Andreoli also admitted that the country has a robust legal framework for contracts “based on the Argentine Civil and Commercial Code and Presidential Decree 70/23 issued by President Milei.” However, he suggested that a specific education should be organized for the judges to smoothly supervise such deals.

For clarification, Andreoli emphasized that this type of loan contract could be considered for any other legal business outside the “lending services”. 

Although this is a loan contract, it can be applied to the rental of houses, purchase agreements, or any other legal business that may arise.

Cardano (ADA) Moving Strongly in Argentina

Argentina’s embrace of Cardano is evident in the appearance of President Havier Milei at the upcoming Cardano Summit in Argentina on October 19.

According to our earlier disclosure, Cardano’s Charles Hoskinson would seize the opportunity to unveil a new roadmap for the project to complement the recent execution of the Chang Hard Fork. In addition to that, he will give a keynote speech at TechForum Argentina with a specific focus on the future of blockchain and its application in Argentina’s digital economy. 

Amid the backdrop of these crucial developments, an analyst identified as Dan Gambardello has disclosed that Cardano is now 10 times more robust than the previous cycle. 

As we just reported, the analyst believes that ADA could likely hit $1 by December 2024 and peak between $5 and $10 in this cycle. Similarly, another analyst known as Trend Rider has predicted that the asset could likely return to the $0.6 price mark once Bitcoin maintains its position above $60k. 

At press time, ADA was trading at $0.34 after declining by 2.69% in the last 24 hours. 

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