The milestone was announced by Cardano ambassador Mauro Andreoli, who revealed that he signed a judicially enforceable blockchain-based agreement with fellow ambassador Lucas Macchiavelli. This significant achievement marks a notable advancement for Cardano amidst its growing traction in Argentina.
Smart Contract Details
Under the terms of the smart contract, Macchiavelli received 10,000 ADA (approximately $3,362 at the current market price) from Andreoli, payable at a 10% interest rate over a four-month period. The agreement was legally notarized, with both parties providing essential information, including the network where the smart contract was initiated, the wallet address, and the transaction ID. The legal document also included the names, addresses, and identity numbers of both Cardano ambassadors.
Macchiavelli confirmed receipt of the 10,000 ADA in a tweet, hinting at plans to invest in Cardano native tokens and promising to share more details about his venture when the contract concludes.
Move to Fast-Track Widespread Adoption
Andreoli emphasized that this smart contract agreement could encourage broader adoption of blockchain technology among corporate entities in Argentina for drafting commercial transactions. He suggested it would pave the way for the judiciary to recognize smart contracts as valid legal agreements.
Andreoli also noted that the potential applications of smart contracts extend beyond loan agreements, encompassing rentals, purchases, and other legal transactions. He pointed out that Argentina has existing legal frameworks for contracts of this nature, referencing the Argentine Civil and Commercial Code and the Presidential Decree 70/23 issued by the pro-crypto President Javier Milei.
Notably, under President Milei's leadership, Argentina has intensified its efforts to adopt digital assets. Cardano founder Charles Hoskinson is set to meet with President Milei later this month to discuss further cryptocurrency adoption.
This development underscores the increasing real-world utility of digital assets and blockchain technology. In September, an English court recognized stablecoin Tether as property in a fraud-related legal case, while a legal entity in the United Arab Emirates classified cryptocurrencies as valid forms of salary payment.
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