Sirwin
Sirwin

The Euro-Pegged Stablecoin of Société Générale Has Functions to Recall or Burn Your Money. The Worst Is Yet to Come.

By ssaurel | In Bitcoin We Trust | 25 Apr 2023


A few days ago, we learned that the French bank Société Générale (SG) was working on a Euro-pegged Stablecoin project.

This project is developed on the Ethereum blockchain in the form of a smart contract.

The interesting thing about such a smart contract is that everyone can check the source code of the project by themselves.

This is a good way to see how a bank sees things for digital currencies.

So I invite you to have a look at this smart contract here: https://etherscan.io/address/0xf7790914dc335b20aa19d7c9c9171e14e278a134#code

Then, you might be surprised like me to see that in this Euro-pegged Stablecoin, SG has implemented a function called recall allowing SG to get your money back without your consent:

 

Another function called burn should interest you since it allows SG to burn your money:

 

This is not even a CBDC, the source code of which will be closed to prevent people from seeing what is in store for them.

It is simply a Euro-pegged Stablecoin project.

This makes you fear the worst when CBDCs are imposed on you!

Bitcoin is your way out. You can go audit the Bitcoin source code. You won't find a recall or burn function.

In the Bitcoin system, your Bitcoin is yours once you've taken possession of your private keys.

Don't Trust, Verify.


This article was published as an NFT on Mirror.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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