For the first time, Argentine judicial authorities recognize the legal validity of smart contracts

Recently, Argentina's judicial authorities have for the first time recognized the legal validity of Blockchain-based smart contracts, marking a significant breakthrough in the country's application of blockchain technology.

This decision has given smart contracts legal enforceability in Argentina, paving the way for their use in commercial areas such as lease agreements and purchase payments.

It is reported that the first legally recognized smart contract is a loan agreement built on the Cardano blockchain. The contract was reached by two Argentine Cardano ambassadors Mauro Andreoli and Lucas Macchia, involving a four-month loan of 10,000 ADA (approximately $3,430) with an annual interest rate of 10%.