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SMART CONTRACTS ACHIEVE LEGAL BREAKTHROUGH IN ARGENTINA
Smart contracts, the blockchain-automated programs, are now legal in Argentina after local jurisdiction recognized the enforceability of the first one.
They can now be used to execute rental agreements, purchase payments, and other legal contracts, as cryptocurrency is now approved for use as payment in commercial contracts in the country.
Smart Contracts Reach Legally Enforceable Status in Argentina
Smart contracts, the automatically executed blockchain-based equivalent of paper contracts, have reached a milestone in Argentina.
According to local reports, the first Cardano-based smart contract was approved to be legally binding by Argentine jurisdiction, which might be the first time this has happened in the country and even the world.
The contract specifies a four-month loan repaid with a 10% interest between Mauro Andreoli and Lucas Macchia, two Cardano ambassadors in Argentina.
The loan was issued for 10,000 ADA (close to $3,430). Andreoli stated that, in practice, this contract formalization means that “any breach can be enforced in court for the performance of the obligation in ADA.”
However, due to the digital nature of smart contracts, the duo had to sign a legal document as a complement. This document specifies the details of the smart contract subscribed loan, the blockchain in which it was built, and the wallet addresses involved with the transaction ID.
As this is the first time this has happened, this kind of document might also be required in other instances to legalize smart contracts.
Andreoli stressed the relevance of the event. He stated:
We did it, we just signed the first legally and judicially binding contract on the Cardano network, in full compliance with the laws of the Argentine Republic.
Andreoli believes the crypto community has to work on educating national judges to be accustomed to this new kind of contract, highlighting this event marked “the initial phase of creating favorable jurisprudence in the country and facilitating commercial transactions.”
Smart contracts are supported by President Milei’s Omnibus Bill, which legalized the use of bitcoin and other cryptocurrencies as part of commercial contracts in Argentina.
Andreoli concluded that smart contracts can now be used to formalize rent or purchase agreements and other legal contracts.
@ Newshounds News™
Source: Bitcoin News
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IOTA HOLDERS BRACE FOR 100% PUMP WITH POTENTIAL RWA REVEAL ON OCTOBER 15
▪️IOTA has teased an announcement on Tuesday, October 15, and the entire ecosystem is holding its breath, waiting for what could be a landmark pivot or partnership.
▪️Many believe that it’s related to the tokenization of real-world assets, which IOTA has been focusing on in recent years, and that the result could be a 100% rally in the token price.
October 15 is a landmark day for the IOTA ecosystem, but few can say with certainty why. IOTA has teased a mega announcement for tomorrow, and the entire space is speculating on how massive it will be and what it will be on.
IOTA teased the announcement two weeks ago, and since then, speculation has been rife over what’s next for the project.
Some believe that it’s most likely related to the tokenization of real-world assets (RWA), a sector that the network has been heavily focused on in recent years.
In an exclusive interview with CNF, founder Dominik Schiener revealed that he believes tokenization “is the silver bullet of cryptocurrencies” and that it’s “what’s missing in our current, highly digitized life.”
This has led some to speculate that the Tuesday announcement will most likely be about tokenization. If this announcement strikes the right chords with investors, the rally that will ensue will be massive, says Bit Whale, a crypto analyst on X.
IOTA: something is brewing and could see a 100% pump out of silence IF their announcement is RWA based on October 15 2024.
The analyst noted that it wouldn’t be the first time that IOTA had recorded a massive surge towards the end of the year. On November 23rd last year, it recorded a 130% rally, a fete that it could repeat tomorrow.
Additionally, the European Blockchain Services Infrastructure is set to make an announcement tomorrow about its verifiable credential service, which could be related to IOTA. After all, IOTA was one of the finalists in the European Blockchain Pre-Commercial Procurement, funded by the European Commission, as we reported.
IOTA’s Big Announcement
And yet, there are others who believe that the announcement will just be a start and that it will be a building block for future success.
This group has called on the community to manage its expectations, with one noting, “I’ve been thinking a lot about what the significance of October 15th might be. My gut feeling tells me that we shouldn’t expect anything major at first.”
He added:
Rather, I believe IOTA will undergo a nearly complete marketing overhaul. New website, new logo, etc. Once this rebranding process is completed, one thing will follow after another…We need traction, and then one thing must follow after another.
IOTA trades at $0.1289, gaining 3.6% in the past day for a $445.8 million market cap as trading volume saw a 20% uptick to start the week.
@ Newshounds News™
Source: Crypto News Flash
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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