According to recent reports from Cointelegraph, a significant milestone has been reached in the world of blockchain and cryptocurrency. Cardano has introduced its first legally enforceable smart contract, paving the way for blockchain technology's acceptance in the Argentine legal system.
About the First Legally Enforceable Smart Contract
This innovative contract is a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia. The agreement involves a total of 10,000 Cardano (ADA) tokens, valued at approximately $3,380. The contract specifies a repayment period of four months with an interest rate set at 10%.
Legal Framework Compliance
As detailed by Andreoli in an October 8 post on X, this contract marks the very first instance in which an Argentine court can enforce full payment in ADA based on a Cardano smart contract. He proudly stated, “We did it, we have just signed the first legally and judicially enforceable contract on the Cardano network, in full compliance with the laws of the Argentine Republic.”
Documentation and Record-Keeping
The groundbreaking contract is supported by a comprehensive legal document that outlines the details of the smart contract loan. This document includes crucial information, such as:
- Details about the blockchain involved
- The wallet used in the transaction
- The unique transaction ID
Such meticulous record-keeping is essential for ensuring the legal validity of smart contracts within the jurisdiction.
Paving the Way for Future Use
Andreoli believes this event could greatly accelerate the acknowledgment and acceptance of smart contracts by Argentine courts as legitimate technology for commercial agreements. He anticipates that smart contracts could eventually be applied across various legal agreements, ranging from residential rentals to property purchase contracts.
Educating the Legal Community
Even though Argentina already possesses a strong legal framework for commercial contracts, Andreoli suggests that the next step involves educating judges and the legal community about the functionality and benefits of smart contracts.
Notably, Argentina has made strides toward integrating cryptocurrencies into legal frameworks. In December 2023, the country legalized the use of Bitcoin (BTC) and other cryptocurrencies for commercial contracts, following a pivotal political change with the election of anti-central bank libertarian Javier Milei as president.
Looking Ahead
This move could inspire other countries to follow suit, expanding the legitimate use of blockchain technology in legal frameworks globally.
For further information on how blockchain technology is developing within legal contexts, be sure to check out Cointelegraph.
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