Crypto community claims Euro stablecoin ( EURCV) is based on worse code

The European stablecoin on the Ethereum blockchain by SGF bank is facing significant criticism in the crypto sector citing its centralised nature. 

On 20 April 2023, The French bank Societe Generale-Forge (SGF) released EUR CoinVertible (EURCV). EURCV is a stablecoin on the Ethereum blockchain and SBF launched this stablecoin especially for its institutional clients. For now, this Ethereum stablecoin is not available for public or retail customers to use or test in any form. 

Many experts in the crypto sector noted that EURCV’s smart contract is not better and also not decentralized. 

A smart contract engineer aleph.eth noted that EURCV stablecoin users will be required to go through Bank’s authority to see the completion of the transaction, as the bank will approve the transaction in the final phase. 

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I noticed something 100x funnier: THEY HAVE TO DO A BLOCKCHAIN TRANSACTION TO PROCESS YOUR APPROVALS.

They coded it so they have to whitelist all users, process all user transfers, and even process your ERC20 approvals before they process your 'transferFrom' lmao https://t.co/AhGNK4HHC7 pic.twitter.com/0QEFXWISL8

— alephv.eth (@alpeh_v) April 20, 2023

Non-Fungible Token (NFT) project founder “foobar” also shared his opinion on this stablecoin and said that this stablecoin is based on worse code & also said that it is not more than a laughing stock. 

France launched a stablecoin on Ethereum and it's the worst code I've ever seen

Every ERC20 single transfer has to be approved in a separate eth tx submitted by a centralized registrar

What a laughingstock, is this your CBDC?https://t.co/hKkHiQTCyN pic.twitter.com/S6tRfh54wz

— foobar (@0xfoobar) April 20, 2023

Crypto researcher Mason Versluis said that EURCV’s smart contract is horrible and also suggested French bank stop doing such experiments in the crypto sector.

BREAKING: France launches stablecoin on #Ethereum, but every single transfer has to be approved in a separate ETH transaction submitted by a centralized registrar!

Absolutely horrible. Keep your centralized bullshit over there, stop trying to weasel it into crypto.

News Via:… pic.twitter.com/mcg9fvUoSp

— MASON VERSLUIS (@MasonVersluis) April 20, 2023

Ethereum blockchain supporter Ryan Berckman noted that such criticism is very usual as they are taking steps opposite of the decentralized path but suggested people understand the situation because SGF bank is in the initial phase of development in the crypto sector and they will take time, as they already spend huge time in the traditional financial sector.

good catch. Looks like SmartCoin is not ERC-20 compliant because their transfer doesn't actually transfer the coins, it requests a transfer for approval in a later transaction. Obviously, non-compliant, non-composable, allowlist-style stables are going to be uncompetitive in the…

— Ryan Berckmans ryanb.eth (@ryanberckmans) April 20, 2023

Read also: Bitget secures regulatory approval in Lithuania

Crypto community claims Euro stablecoin ( EURCV) is based on worse code

 

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