Historic Milestone: First Legally Enforceable Contract on Cardano Network Signed in Argentina
Digital Revolution in Justice: A Pioneering Blockchain Contract Marks a New Chapter for Legal Transactions in Argentina
In a revolutionary development, the first legally enforceable contract has been signed on the Cardano blockchain network, setting an important precedent for the future of blockchain technology and legal frameworks. The announcement was made by Mauro Andreoli, Cardano ambassador, who explained that the contract is fully compliant with the laws of the Argentine Republic, making it a fundamental milestone in the adoption of blockchain in formal legal processes.Criptotendencias - Bitcoin, cryptocurrency and blockchain news.The Contract: A Game-Changing Development
The contract in question is a loan agreement between Mauro Andreoli and Lucas Macchia for a total of 10,000 ADA (Cardano's cryptocurrency), with a repayment term of four months and an interest rate of 10%. What makes this agreement unique is that it is not only registered on the Cardano blockchain, but it is also fully enforceable in the courts of Argentina. This means that in the event of non-compliance, the Argentine justice system can intervene to enforce the obligations agreed upon in ADA.
This contract, according to Andreoli, is duly notarized and has a transaction identifier (Tx ID) that guarantees the authenticity of the agreement, in addition to other important details that are included in the legal document, such as the mention of the Cardano network and the wallet addresses of both parties.
Legal Implications and the Argentine Legal Framework
