The post Argentina Paves the Way for Legally Valid Crypto Contracts with ADA appeared on BitcoinEthereumNews.com.

Argentina enables its first legally enforceable contract using Cardano’s ADA cryptocurrency.   Blockchain notarization via transaction ID ensures transparency, verification, and enforceability.   The breakthrough could drive crypto integration into real estate, business, and personal contracts.  Cardano’s ADA cryptocurrency has been used to execute Argentina’s first legally binding and judicially enforceable smart contract. This development allows contracts written in ADA to be upheld in Argentine courts, marking a step towards the integration of cryptocurrencies into traditional legal systems. The contract, a loan agreement between two parties, involved 10,000 ADA with a four-month repayment term and a 10% interest rate. 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. 🇦🇷📜 What does this mean? It means that, thanks to the legal framework provided and the process carried out,… pic.twitter.com/pUniZKY1u7 — Mauro Andreoli || Cardano Ambassador (@MauroAndreoliA) October 8, 2024 Read also: Cardano Transaction Volume Dips as Major Upgrade Looms Moreover, the loan agreement, which has been certified through a transaction ID on the Cardano blockchain, represents a move in incorporating crypto assets into traditional contracts.  The contract adheres to Argentina’s legal standards, including the Civil and Commercial Code and Presidential Decree 70/23, ensuring that any breach of contract can be enforced by the courts. Key Aspects of the Contract While full contract details remain confidential, key aspects have been highlighted. The document explicitly states the use of the Cardano network and includes wallet addresses and the transaction ID, ensuring transparency and verifiability on the blockchain. This use of ADA as a legally recognized form of payment sets a precedent for future court enforcements. In case of default, the blockchain transaction serves as irrefutable evidence of the agreement and its terms. Read also: Cardano’s Blockchain…

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Filed under: News - @ October 9, 2024 7:21 am