Euro Stablecoin by Societe Generale Comes with Unexpected Revelations

French bank Societe Generale has launched a euro stablecoin, CoinVertible, which has an ERC-20 token code built on the Ethereum blockchain. While only available to institutional clients, several crypto developers have found issues with the code, including required additional centralised transaction approval on every ERC20 single transfer, hidden clauses allowing coins to be burned or taken, and scaling limitations. Experts have cautioned that Societe Generale’s token sets a dangerous precedent for central bank digital currencies (CBDCs) and raises concerns over control of CBDCs, the risk of overreach and surveillance, and the potential for CBDCs to be used to control spending or enforce restrictions. Earlier this year, U.S. congressman Tom Emmer introduced the CBDC Anti-Surveillance Act to prevent the Federal Reserve from using a CBDC to monitor spending and control the economy.

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