Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Digital Euro called the worst stablecoin in history


April, 21 2023
watermark Economic news

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.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.