Cardano has achieved a significant milestone by facilitating Argentina's inaugural legally binding smart contract, which operates under local judicial authority.
This contract, a loan for 10,000 ADA tokens valued at around $3,380, features a repayment term of four months with a 10% interest rate.
This landmark agreement allows Argentine courts to enforce payments in ADA, potentially paving the way for broader acceptance of smart contracts in commercial transactions.
Mauro Andreoli, a Cardano ambassador, highlighted that this development is in full compliance with Argentine law and could encourage more legal recognition of smart contracts in various sectors, including real estate and purchase agreements.
Alongside the smart contract, Andreoli and Lucas Macchia documented critical elements of the agreement, such as the blockchain details and transaction identifiers. This initiative not only enhances the procedural framework but also emphasizes the need for judicial education regarding smart contract technology.
Argentina recently legalized the use of cryptocurrencies like Bitcoin in commercial contracts, following the election of President Javier Milei in December 2023.
The significance of this contract is amplified by the upcoming meeting between Cardano founder Charles Hoskinson and Milei at the Cardano Summit 2024 in Buenos Aires. Globally, other legal systems have started embracing crypto technologies in court proceedings, signaling a shift toward the integration of blockchain in legal frameworks.
Two asset managers are preparing to introduce a new class of cryptocurrency investment products that combine traditional exchange-traded fund (ETF) structures with staking income from Ethereum and Solana holdings.
Institutional interest in Ethereum is clearly picking up—at least on paper. Spot Ethereum ETFs have seen nine straight days of net inflows, with BlackRock’s ETHA and Fidelity’s FETH leading the charge.
Ethereum (ETH) has gone down by 2.4% in the past 24 hours and currently sits at $2,580 in what has been mostly a red week for the crypto market. Trading volumes have retreated by 5% during this same period, indicating that the selling spree is not that strong at the moment. However, crypto liquidations have […]
A China-based tech company is taking a bold step into the world of digital finance, despite the country’s strict stance on cryptocurrency.