Cardano Achieves Major Milestone with First Legally Enforceable Smart Contract in Argentina
Cardano made history by executing the initial legally binding smart contract within the legal frameworks of Argentina. The contract, facilitated between two Cardano enthusiasts, had the capacity for judicial enforcement in case of non-compliance.
This groundbreaking agreement involved a loan arrangement valued at 3000 ADA tokens between Mauro Andreoli and Luccas Macchia. Reflecting on the significance of this achievement, Andreoli expressed,
“This development signifies that, with the legal infrastructure in place, any violations can be litigated in court to ensure fulfillment of contractual obligations in ADA.”
Implications for Cardano
Furthermore, this milestone lays a solid foundation for establishing a legal framework on both a national and global scale for the future of smart legal contracts.
“Moreover, it paves the way for forthcoming legal smart contracts, setting the groundwork and reinforcing the system. Moving forward, our focus should be on educating judiciary members.”
While the aforementioned achievement centered on a loan agreement, its application could extend to various other contractual agreements like property rentals and purchases.
Despite this significant development, there was no immediate impact on ADA’s market performance. The token’s value remained stable above the $0.30 support level amidst a broader market downturn.
Following the release of the FOMC minutes on October 9, cryptocurrency markets experienced a decline. Presently, the market appears range-bound, reacting to the unexpected spike in the September U.S. CPI data.
In the short term, key focus areas for ADA include maintaining support at $0.3 and overcoming immediate hurdles at the trendline resistance (white) and $0.4 price points.
Additionally, data sourced from the Binance Top Trader Long/Short ratio suggests a mildly optimistic sentiment. Notably, a significant portion of top traders on the exchange currently hold long positions in ADA, with approximately 51% anticipating a short-term rise in its value.
However, a substantial recovery for ADA is contingent upon a reversal of recent setbacks faced by Bitcoin (BTC).