Cryptocurrency community has criticized the EURCV stablecoin code

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Yesterday, a subsidiary of the French bank Societe Generale introduced the Euro CoinVertible stablecoin on Ethereum, but, as it turned out, the code of the smart contract is written "out of hand".

Разработчики из криптосообщества провели аудит code EURCV. They found that when creating a stablecoin, one of the fundamental principles was control over transactions in this token. Each transfer must be confirmed by a separate transaction by a centralized registrar, which is most likely controlled by the bank.

“They programmed the smart contract sothat they must whitelist all users, process all transfers and even ERC-20 confirmations before approving the transaction itself. This is an amazing example of inefficiency for the sake of regulation,” writes a smart contract engineer under the pseudonym alephv.eth.

The founder of the NFT project supported his colleaguefoobar, who said it was "the worst code he's ever seen in his entire life" and called it "a joke." Cryptocurrency analyst Mason Versluis also wrote that the stablecoin code is “absolutely terrible” and suggested that Societe Generale stay away from the cryptocurrency industry.

But investor Ryan Berckmanspoke in defense of the French bank. He noted that Societe Generale is taking its “first steps” in the cryptocurrency field and when the developers gain more experience, they will change the smart contract code. He also expects more traditional banks to launch stablecoins on public blockchains.

Let us remind you that the Euro CoinVertible stablecoin is pegged to the euro exchange rate and is intended for qualified institutional investors of Societe Generale.