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Controversy Erupts as New Euro Stablecoin Faces Criticism from Cryptocurrency Enthusiasts

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

a new pegged to the euro stablecoin foot in France has received negative feedback from many industry experts, however general public Still waiting to get their hands on it on He. She.

On April 20, a file was released stablecoin Known as EUR CoinVertible (EURCV) it was introduced by the French bank Societe Generale-Forge (SGF). This cryptocurrency is available exclusively to qualified Institutional customers after going through bank Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.

the introduction of the stablecoin came in response to rising need for a new Colony asset to process transactions on blockchain.

According to data from Ethereum Explorer Etherscan, 10 million EURCV tokens were mined three days ago. One digital wallet address controls Every 10 million tickets in Rotation.

According to observers who Analyze the smart contract code for ERC-20, before completing a transaction, must first be authorized by a central registrar (may one controls it bank), like required by smart contract.

Anonymous specialist contract developer using alephv handle. Eth tweeted an explanation on April 20 makes fun of the coding process of the stablecoin.

In another piece, so it is made joking of the law by describing it as “a radical commitment to incompetence in the name of Laws.”

Meanwhile, the NFT and DeFi entrepreneur Foobar has sent him a message more from 127,000 followers in Which he called “the worst code I’ve ever seen” and named it stablecoin “laughing stock.”

Mason Versluis, a cryptocurrency researcher, tweeted that the code was “absolutely awful” and advised the French bank To “stop trying to weasel” in cryptocurrency. Mason’s message has been retweeted more from 2000 times.

Ryan Berkman, investor in Aether, presented by A more Thematic analysis, although many others have contributed criticism. He noted that many traditional financial Companies, including SGF, will move to the blockchain and digital assets in “baby steps. “

SGF’s claim that it was first bank For institutional publishing stablecoin on a public blockchain can also be wrong. Berkman was explaining why SGF might be wrong. Referred to AUDN stablecoin issued on Ethereum in March by the National Australian Bank (NAB), which at the time claimed it second bank in the world to produce a stablecoin.

Berkman is “sure” that SGF won’t be first bank to launch a stablecoin on a public network; However, he expected it more Banks will follow suit in The next months he states that he is “sure” that SGF won’t be last bank Let’s do it.

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