CandleFocus Smart Contracts Achieve Legal Breakthrough in Argentina
2024-10-15
Author: Content Editor
The jurisdiction in Argentina has recognized the enforceability of smart contracts, marking a significant milestone for the use of blockchain technology in the country. The first Cardano-based smart contract has been approved as legally binding, allowing it to be used for executing rental agreements, purchase payments, and other legal contracts. The contract, which involved a four-month loan repaid with a 10% interest, was issued for 10,000 ADA. While a complementary legal document was required due to the digital nature of smart contracts, this event sets a precedent for the use of smart contracts in Argentina. The crypto community aims to educate national judges and create favorable jurisprudence to facilitate commercial transactions using smart contracts.
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