According to Joe Lubin, co-founder of Ethereum, digital assets are proving to be a formidable weapon for Ukraine as it continues to resist Russian aggression.
The founder and CEO of ConsenSys stated in an interview with Decrypt’s editor-in-chief Dan Roberts that the crisis in Eastern Europe has created a “point of no return” for crypto’s integration into global markets. According to Lubin, the Ukrainian-Russian war is generating “another moment” for the cryptocurrency business.
According to the article, at least $60 million in cryptocurrency assets have already been moved to Ukraine in the form of gifts and other monetary assistance.
Lubin stated :
“It represents crossing the chasm into mainstream adoption. Now we’re onto national security issues. It’s going to be so profound, a point of no return for our industry, because it’s clear that our technology is very powerful and unstoppable.”
Lubin anticipated that the conflict in Eastern Europe would not be the last in which crypto assets would be used. Regardless of their current attitude on digital assets, he predicted that crypto would be used by “many different nation-states.”
According to Lubin, the impact of crypto will necessitate nations developing “policies, becoming aware, and beginning to wield” digital asset instruments in order to keep up with a new financial landscape.
Lubin criticized the US government for “dragging its feet” on the topic of digital assets, pointing to President Joe Biden’s recent executive order to ramp up crypto-investigation. The Ethereum co-founder linked the usage of digital assets to an arms competition, claiming that countries, including the United States, will be forced to “make use of this formidable instrument and weapon.”