{"id":77621,"date":"2023-04-21T12:14:38","date_gmt":"2023-04-21T09:14:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77621"},"modified":"2025-09-11T00:20:10","modified_gmt":"2025-09-10T21:20:10","slug":"crypto-community-criticises-french-banks-release-of-a-digital-euro","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crypto-community-criticises-french-banks-release-of-a-digital-euro\/","title":{"rendered":"Crypto community criticises French bank&#8217;s release of a digital euro"},"content":{"rendered":"<p>On 20 April, the French bank Societe Generale-Forge (SGF) <a href=\"https:\/\/www.sgforge.com\/societe-generale-forge-launches-coinvertible-the-first-institutional-stablecoin-deployed-on-a-public-blockchain\/\">\u0432\u044b\u043f\u0443\u0441\u0442\u0438\u043b \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d<\/a> \u0441 \u043f\u0440\u0438\u0432\u044f\u0437\u043a\u043e\u0439 \u043a \u0435\u0432\u0440\u043e \u2014 EUR CoinVertible (EURCV), available only to qualified institutional clients.<\/p>\n<p>\u201cThe &#8216;stablecoin&#8217; is built on the Ethereum blockchain under the ERC-20 standard. According to <a href=\"https:\/\/etherscan.io\/token\/0xf7790914Dc335B20Aa19D7c9C9171e14e278A134\">Etherscan<\/a>, the bank has issued a total of 10 million EURCV \u2014 all of them are stored at a single address.<\/p>\n<p>The new European development drew a flurry of negativity in the crypto community. The smart-contract engineer going by the pseudonym alephv.eth explained that the coin is coded in such a way that operators would have to manually whitelist users, and also \u201cpersonally process transfers and even confirm ERC20\u201d before the usual command to execute a transaction would fire.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I noticed something 100x funnier: THEY HAVE TO DO A BLOCKCHAIN TRANSACTION TO PROCESS YOUR APPROVALS.<\/p>\n<p>They coded it so they have to whitelist all users, process all user transfers, and even process your ERC20 approvals before they process your &#8216;transferFrom&#8217; lmao <a href=\"https:\/\/t.co\/AhGNK4HHC7\">https:\/\/t.co\/AhGNK4HHC7<\/a> <a href=\"https:\/\/t.co\/0QEFXWISL8\">pic.twitter.com\/0QEFXWISL8<\/a><\/p>\n<p>\u2014 alephv.eth (@alpeh_v) <a href=\"https:\/\/twitter.com\/alpeh_v\/status\/1649051699565449217?ref_src=twsrc%5Etfw\">April 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>In a separate post, the developer mocked the protocol&#8217;s code, calling it \u201ca radical pursuit of inefficiency in the name of regulation that could only come from a French bank.\u201d<\/p>\n<p>The founder of the <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-nfts\">NFT<\/a> project, known by the handle foobar, called the code \u201cthe worst he has ever seen.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">France launched a stablecoin on Ethereum and it&#8217;s the worst code I&#8217;ve ever seen<\/p>\n<p>Every ERC20 single transfer has to be approved in a separate eth tx submitted by a centralized registrar<\/p>\n<p>What a laughingstock, is this your CBDC?<a href=\"https:\/\/t.co\/hKkHiQTCyN\">https:\/\/t.co\/hKkHiQTCyN<\/a> <a href=\"https:\/\/t.co\/S6tRfh54wz\">pic.twitter.com\/S6tRfh54wz<\/a><\/p>\n<p>\u2014 foobar (@0xfoobar) <a href=\"https:\/\/twitter.com\/0xfoobar\/status\/1649056938062118913?ref_src=twsrc%5Etfw\">April 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cEvery single ERC20 transfer must be approved in a separate ETH tx, submitted by a centralized registrar. What a joke, is this your <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>?\u201d, \u2014 said in the post.\u00a0<\/p>\n<\/blockquote>\n<p>Crypto analyst Mason Versluis also described the code as \u201cabsolutely awful\u201d and urged the bank to \u201cstop trying to penetrate the crypto sector.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: France launches stablecoin on <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a>, but every single transfer has to be approved in a separate ETH transaction submitted by a centralized registrar! ?<\/p>\n<p>Absolutely horrible. Keep your centralized bullshit over there, stop trying to weasel it into crypto.<\/p>\n<p>News Via:\u2026 <a href=\"https:\/\/t.co\/mcg9fvUoSp\">pic.twitter.com\/mcg9fvUoSp<\/a><\/p>\n<p>\u2014 MASON VERSLUIS ?? (@MasonVersluis) <a href=\"https:\/\/twitter.com\/MasonVersluis\/status\/1649066073915035648?ref_src=twsrc%5Etfw\">April 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Investor Ryan Berckmans expressed a more neutral view. He explained that many traditional financial institutions, such as SGF, will take \u201csmall steps\u201d as they move toward blockchain and digital assets.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">good catch. Looks like SmartCoin is not ERC-20 compliant because their transfer doesn&#8217;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\u2026<\/p>\n<p>\u2014 Ryan Berckmans ryanb.eth?? (@ryanberckmans) <a href=\"https:\/\/twitter.com\/ryanberckmans\/status\/1649048626818347009?ref_src=twsrc%5Etfw\">April 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cObviously, non-compliant, non-composable and whitelist-based stablecoins are not competitive. Tradfi&#8217;s childish steps will be understood soon and they will switch to a blacklist-style approach like USDC,\u201d he explained.<\/p>\n<\/blockquote>\n<p>Berckmans expects that in the coming months other banks will follow SGF\u2019s example.<\/p>\n<p>As reported in January, the Australian banking group National Australia Bank<a href=\"https:\/\/u1f987.com\/en\/news\/media-national-australia-bank-to-create-audn-stablecoin-according-to-afr\"> announced<\/a> that it was developing the stablecoin AUDN. The coin will run on Ethereum and Algorand, with a mid-year launch.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 20 April, the French bank Societe Generale-Forge (SGF) released a euro-backed stablecoin \u2014 EUR CoinVertible (EURCV), available only to qualified institutional clients.<\/p>\n","protected":false},"author":1,"featured_media":77622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,807],"class_list":["post-77621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77621"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77621\/revisions"}],"predecessor-version":[{"id":77623,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77621\/revisions\/77623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77622"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}