# Cardano Network Enables First Legally Binding Smart Contract in Argentina

The Cardano network has successfully hosted Argentina’s first legally binding smart contract. The contract, signed and enforceable by the Argentine courts, marks a major breakthrough in blockchain technology in the legal field.

The contract is a loan agreement between Cardano ambassadors Mauro Andreoli and Lucas Macchia for 10,000 ADA tokens, an interest rate of 10%, and a term of four months. Andreoli said this “milestone” could accelerate the wider recognition of smart contracts by Argentine courts.

This development not only simplifies legal procedures, but also paves the way for the future application of smart contracts in areas such as home rental and home purchase agreements. Cardano founder Charles Hoskinson will meet with Mile at the Cardano Summit 2024 in Buenos Aires later this month to further promote the development of blockchain technology.