Digital Euro called the worst stablecoin in history

On April 20, the French bank Societe Generale-Forge (SGF) issued a euro-linked stablecoin – EUR CoinVertible (EURCV), available only to qualified institutional clients.

The new coin was created on the Ethereum blockchain according to the ERC-20 standard. It is noted that in total, the bank issued 10 million EURCV, and all of them are stored at the same address.

The French project caused a flurry of negativity in the crypto community. Experts explained that the coin is encoded in such a way that operators will have to whitelist users manually, as well as personally process transfers and even confirm ERC20 before the usual command to make a transaction works.

Cryptanalysts noted that such processes can be called «a radical desire for inefficiency in the name of regulation.» Among the reviews on EUR CoinVertible, such formulations as «the worst code I've ever seen», «the code is absolutely terrible» and even «a ridiculous joke» were also observed.

However, not everyone shared skepticism about the new digital euro. A number of investors presented a more neutral analysis of the cryptocurrency, noting that in the near future many traditional financial organizations will take small steps as they transition to blockchain and digital assets. And it is quite normal that problems or shortcomings may arise at the initial stage.