– French bank Societe Generale-Forge (SGF) has introduced a new euro-pegged stablecoin called EUR CoinVertible (EURCV) exclusively for qualified institutional customers.
– The introduction of the stablecoin was due to the increasing need for a new settlement asset to process transactions on the blockchain.
– However, several industry experts have criticized the stablecoin’s coding process and centralized registrar as inefficient.
**New Euro Stablecoin Receives Negative Feedback**
Introduction of EUR CoinVertible
French bank Societe Generale-Forge (SGF) has recently introduced a new euro-pegged stablecoin known as EUR CoinVertible (EURCV), exclusively accessible to qualified institutional customers. The stablecoin was introduced to provide a new settlement asset to process transactions on the blockchain.
Criticism from Industry Experts
Several industry experts have criticized the stablecoin’s coding process and centralized registrar. According to observers who analyzed the smart contract code for ERC-20, before a transaction can be completed, it must first be authorized by a centralized registrar (probably controlled by the bank) as required by the smart contract.
Mockery of Coding Process
An anonymous contract developer using the handle alephv.eth tweeted an explanation on April 20 mocking the coding process of the stablecoin. In another piece, she even made fun of the law by describing it as a „radical commitment to inefficiency in the name of the regulation.“
Negative Public Perception
NFT and DeFi entrepreneur Foobar tweeted out to his more than 127,000 followers, describing it as „the worst code I’ve ever seen“ and called the stablecoin a „laughing stock“. This negative feedback has received some public attention, but the stablecoin is not yet accessible to the general public.
Although the EURCV has drawn criticism from industry experts, the general public is still waiting to access the stablecoin. It remains to be seen if the criticisms will have a significant impact on the stablecoin’s adoption rate.