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Blockchain networks and cryptocurrencies are becoming more compliant with the regulations, trying to open the space for the traditional consumers. 

Cardano ambassadors has made an announcement that they have signed the first legally and judicially enforceable contract on the Cardano network, which is fully compliant with the laws of the Argentine Republic. 

The contract was a loan agreement between Cardano ambassadors Mauro Anderoli and Lucas Macchiavelli in 10,000 Cardano’s native tokens, which is payable in four months at an interest rate of 10%. 

Stating the reason behind the recent milestone, Anderoli stated: 

“What does this mean? It means that, thanks to the legal framework provided and the process carried out, any breach can be enforced in court for the performance of the obligation in ADA.”

The transaction was notarized, including the information about the transaction ID, blockchain network, details of the wallet, and other personal information of both parties.   

“Legally, this establishes evidence and streamlines procedural steps, marking the initial phase of creating favorable jurisprudence in the country and facilitating commercial transactions.”

Furthermore, Anderoli claimed that it serves as a necessary precursor for future legal smart contracts, and the development also provides a “groundwork” that “fortifies the system.” He also stated that judges need to be educated about contracts that involve cryptocurrencies.