Caruda signs first legally enforceable smart contract in Argentina

Cardano will host the first smart contract with jurisdiction over Argentine courts, following the country's decision last December to allow cryptocurrency to be used in commercial contracts.
The deal was made after Caludano legalized cryptocurrency as a means of payment.
A loan secured by 10,000 ADA tokens (approximately $3,380, or 500,000 JPY) between Andreoli and Lucas Macchia
It is a contract. The contract is to be repaid in four months with 10% interest. On the 8th, Andreoli wrote in a post on X (formerly Twitter) that, "With this contract, the Argentine court will
"We have now successfully executed full repayments via the Karuda smart contract," he said, adding, "We have concluded the first legally and judicially enforceable contract on the Karuda network.
"The transaction is fully compliant with the laws of the Republic of China," he said. He also signed legal documents that support key details of the smart contract loan, and the blockchain used.
"This milestone marks a step towards greater recognition of smart contracts in Argentine courts as a technology that facilitates commercial agreements," Andreoli said.
"Legally, this represents an early step in establishing evidence, streamlining procedural steps, setting a favorable legal precedent in the country and facilitating commercial transactions," he said.
He added that such smart contracts could be applied to home rentals, purchase agreements, or other legal agreements.
While Argentina already has a robust legal framework for commercial contracts, Andreoli said the next step is to get the court to decide.
Meanwhile, Argentina will begin accepting Bitcoin and other cryptocurrencies in December 2023, 10 days after the inauguration of its president, Javier Milley, a liberal who opposes the central bank.
It has legalized the use of other cryptocurrencies in commercial contracts.