'Worst code I've ever seen': Euro stablecoin faces centralization criticism
Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions.
French bank Societe Generale-Forge (SGF) released the Ethereum-based stablecoin called EUR CoinVertible (EURCV) on April 20 which is available to only qualified institutional clients.
According to observers who reviewed its smart contract code, ERC-20 transfers need to first be approved by a centralized registrar — presumably one controlled by the bank — before the transaction is processed.
In an April 20 tweet, pseudonymous smart contract engineer “alephv.eth” explained:
She further mocked the code in a separate post, stating it was a "radical commitment to inefficiency in the name of regulation."
Nonfungible token (NFT) project founder “foobar” tweeted to his over 127,000 followers on April 20 that it’s “the worst code I’ve ever seen” and described the stablecoin as a “laughing stock.”
France launched a stablecoin on Ethereum and it's the worst code I've ever seenEvery ERC20 single transfer has to be approved in a separate eth tx submitted by a centralized registrarWhat a laughingstock, is this your CBDC?https://t.co/hKkHiQTCyN pic.twitter.com/S6tRfh54wz
Crypto researcher Mason Versluis also tweeted the code was “absolutely horrible” and suggested the French bank “stop trying to weasel” into crypto.
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
Plenty of others chipped in on the criticism, but Ether (ETH) investor Ryan Berckman provided a more
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