«This is the worst program code I’ve ever seen. Each individual ERC20 transfer must be approved by a central registry. What a laugh. Is that your CBDC?” Writes the well-known programmer Foobar on Twitter.
Another user commented on the stablecoin as follows: “Absolutely terrible. Keep your centralized crap to yourself! Stop trying to smuggle it into the crypto market!”
The problem: Publisher SG-FORGE has such great powers that any transaction could easily be censored. This idea contradicts the basic principles of cryptocurrencies.
Industry leaders Tether and Center are also the target of constant criticism. They can freeze unwanted addresses and rob them of their funds. The French bank is now going one step further.
For the actual target group, this may not even be a problem. So far, no private individuals are permitted as users, only institutional investors who have to register in advance.
Ethereum developer Ryan Berckmans, on the other hand, shows understanding for the strategy of the French bank. He believes TradFi will slowly converge to the crypto industry habit to become competitive.