The First Legally Enforceable Contract on Cardano Network Signed in Argentina
In a groundbreaking move for the Adoption of Blockchain Technology in Legal Contracts, the first “legally and judicially enforceable contract” on the Cardano network has been signed in Argentina. The contract involves a loan amount of 10,000 ADA ($3,400) between two Cardano ambassadors and is set to be repaid over a period of 4 months.
Mauro Andreoli, a Cardano ambassador and attorney at the Buenos Aires Bar Association, shared the news of this milestone achievement. According to Andreoli, this contract sets a precedent for future legal Smart Contracts and reinforces the judicial system in Argentina.
For full details of the contract, Andreoli disclosed that it was a loan agreement between himself and another Cardano ambassador, Lucas Macchiavelli. The agreement includes specifics such as the loan amount, repayment period, and an interest rate of 10%.
"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.”
Andreoli emphasized that this contract marks the beginning of creating a “favorable jurisprudence” in Argentina to facilitate commercial transactions. He pointed out that while Argentina has a robust legal framework for contracts based on existing laws, specific education for judges may be necessary to oversee such deals effectively.
“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) Making Waves in Argentina
The adoption of Cardano in Argentina is gaining momentum, with President Javier Milei scheduled to appear at the upcoming Cardano Summit in Argentina on October 19. Charles Hoskinson, the founder of Cardano, is expected to unveil a new roadmap for the project at the summit and deliver a keynote speech at TechForum Argentina.
Analyst Dan Gambardello has noted that Cardano is now 10 times stronger than in the previous cycle. He predicts that ADA could reach $1 by December 2024 and peak between $5 and $10 in the current cycle. Another analyst, known as Trend Rider, suggests that ADA could return to the $0.6 Price level if Bitcoin maintains a position above $60k.
Currently, ADA is trading at $0.34, with a decline of 2.69% in the last 24 hours.
Recommended for you:
As Blockchain technology continues to make strides in legal contracts and financial transactions, the signing of the first legally enforceable contract on the Cardano network in Argentina marks a significant milestone. With the support of key figures in the country and positive price predictions for ADA, the future looks promising for Cardano's Growth and adoption.
