Ethereum co-founder Joe Lubin says that digital assets are proving to be a powerful weapon for Ukraine as it continues to resist Russian invasion.
Speaking in an interview with Decrypt’s editor-in-chief Dan Roberts, the founder and CEO of ConsenSys said that the crisis in Eastern Europe is creating a “point of no return” for crypto’s integration into the global markets. Lubin says that the Ukrainian-Russian conflict is creating “another moment” for the crypto industry.
The report claims that at least $60 million in crytpoassets have already been transferred to Ukraine in the form of donations and other monetary support.
Lubin told Decrypt:
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 predicted that the conflict in Eastern Europe would not be the last to feature cryptoassets. He said crypto would be used by “many different nation states,” regardless of their current stance against digital assets.
According to Lubin, the influence of crypto will require nations to create “policy, get savvy, and start wielding” the tools of digital assets in order to keep pace on a modern financial landscape.
Lubin criticized the U.S. government for “dragging its feet” on the issue of digital assets, while noting President Joe Biden’s recent executive order to increase investigation into crypto. The Ethereum co-founder compared the use of digital assets to an arms race, saying that nations, including the U.S., would have to “make use of this powerful tool and weapon.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.