Smart contract engineer alephv.eth disclosed on social media that the ERC-20 transfer of the stablecoin EURCV launched by Societe Generale requires authorization from the internal registrar before the transaction is executed. alephv.eth added that Societe Generale has coded the EURCV stablecoin to whitelist all users before processing "transferFrom" and even approve users' ERC20 transfer transactions.
While some believe centralization is necessary for legal compliance and fiat currency stability, others believe it is inconsistent with the decentralized spirit of blockchain technology.
Earlier news, Societe Generale announced the launch of the euro-pegged stablecoin EUR CoinVertible for institutional clients. The stablecoin is based on Ethereum and will be traded under the code "EURCV". It will only be available to investors who join the bank through its existing KYC customer and anti-money laundering procedures. (Crypto Economy)