Cardano is hosting its first ever smart contract, over which Argentina’s courts have jurisdiction after the country legalised crypto for payments in commercial contracts last December.
The contract is a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia for 10,000 Cardano tokens—worth $3,380—payable in four months at a 10% interest rate. Andreoli and Macchia also signed an accompanying legal document underpinning key details of the smart contract loan, including the blockchain and wallet used and the transaction ID.
According to Andreoli, this milestone could fast-track Argentine courts to more broadly acknowledge smart contract technology to facilitate commercial agreements. According to him, these smart contracts should be applied to rental of houses, purchase agreements, and other legal contracts. He wants the judges to be educated on the topic of smart contracts, as it would be very beneficial for the country.
Argentina legalised the use of Bitcoin and other cryptocurrencies in commercial contracts in December 2023. The contract happened after Cardano’s founder Charles Hoskinson’s scheduled meeting with Milei at the Cardano Summit 2024 in Buenos Aires later this month. Other court systems have accepted crypto technology when carrying out legal proceedings.
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