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Digital assets are proving to be a formidable weapon for Ukraine as it continues to fight Russian invasion, according to Ethereum co-founder Joe Lubin.
The founder and CEO of ConsenSys, speaking with Decrypt's editor-in-chief Dan Roberts, warned that the crisis in Eastern Europe is creating a "point of no return" for crypto's integration into global markets. The war between Ukraine and Russia, according to Lubin, is generating "another moment" for the crypto business.
According to the article, at least $60 million in cryptocurrency has already been transported to Ukraine in the form of donations and other forms of financial assistance.
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 anticipated that cryptoassets would be used in future conflicts in Eastern Europe.
Regardless of their current attitude on digital assets, he predicted that crypto would be used by “many different nation states.”
According to Lubin, in order to stay up with the modern financial landscape, countries will need to develop “policies, get knowledgeable, and start wielding” digital asset capabilities.
Lubin chastised 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 powerful tool”.
