Argentina has broken new ground by becoming a Bitcoin (BTC) and cryptocurrency friend.
Accordingly, Cardano (ADA) ambassador and Buenos Aires Bar Association lawyer Mauro Andreoli announced that they signed the first legal and judicially enforceable agreement on the Cardano network in full compliance with the laws of the Argentine Republic.
The contract includes a loan agreement of 10,000 ADA between the two parties and has a 10% interest rate with a four-month repayment period.
Andreoli noted that this groundbreaking move will serve as a model for future legal smart contracts and will also strengthen the judicial system.
Mauro Andreoli said:
“We did it, we signed the first legally and judicially enforceable contract on the Cardano network, in full compliance with the laws of the Republic of Argentina.
This is definitely a major turning point.
This milestone could see Argentine courts accelerate smart contracts’ wider acceptance as a technology that will streamline commercial deals.
Additionally, this agreement could also drive cryptocurrency integration into real estate, business, and personal contracts.
The contract signed with Cardano is not only a loan agreement, but can also be applied to home rentals, purchase agreements or any legal transaction that may arise.”
Argentina’s support for Cardano is evident from President Javier Milei’s participation in the Cardano Summit to be held in Argentina on October 19. Cardano founder Charles Hoskinso is set to meet with Javier Milei at the summit to be held in Buenos Aires.
*This is not investment advice.