Argentine judicial authorities recognize the legal effect of smart contracts for the first time

The Argentine judiciary has recently recognized the legal validity of Blockchain-based smart contracts for the first time, marking a major breakthrough for the country in the application of blockchain technology. This decision gives smart contracts legal enforceability in Argentina, paving the way for their use in commercial areas such as leasing agreements and purchase payments. It is reported that the first smart contract to receive legal recognition is a loan agreement based on the Cardano blockchain. The contract was reached by two Argentine Cardano ambassadors, Mauro Andreoli and Lucas Macchia, and involves a four-month loan of 10,000 ADA (approximately $3,430) with an annual interest rate of 10%.