Digital currencies or CBDC should have become a substitute for traditional cash and banking, but they are taking a huge step back instead
. These issues may potentially compromise CBDC's utility, rendering it ineffective in serving its intended purpose.
One of the critical issues users noticed is that the bank needs to perform an Ethereum transaction for every single transfer. This requirement would add unnecessary complexity and increase transaction time, undermining the CBDC's objective to facilitate faster and more efficient transactions. Additionally, this reliance on Ethereum transactions may also increase the operational costs of the digital Euro, impacting its adoption rate.
The code also reveals that the French government has designed the CBDC to require whitelisting of all users, processing all user transfers and even processing ERC20 approvals before processing the"transferFrom" function.
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