The co-founder of Ethereum and the founder of ConsenSys, Joe Lubin, says that Ukraine can use digital assets as a powerful weapon in response to the ongoing Russian invasion.
In a recent interview with Decrypt’s editor-in-chief Dan Roberts, Lubin expressed his belief that the crisis in Eastern Europe leads to a “point of no return” for a profound crypto adoption globally. The crypto industry is witnessing “another moment” owing to the Russo-Ukrainian armed conflict.
Cryptocurrencies have played an unprecedented role in the country’s military fight against the Russian invasion. Up to now, Ukraine has received bitcoin donations of at least AU$80 million in aiding its war effort.
The Ethereum co-founder 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 also stressed the possibility of cryptocurrencies being widely adopted after the conflict in Eastern Europe. He said that cryptos would be used by “many different nation-states,” irrespective of their current stance against digital assets.
According to Lubin, countries will need to create policies, get savvy and start wielding the tools of cryptos to keep pace on the current financial landscape.
The founder of ConsenSys also criticised President Joe Biden’s Administration for “dragging its feet” on the issue of digital assets and noted the President’s recent executive order to foster investigation into cryptos. He associated the adoption of digital assets with an arms race where countries, including the U.S., had to “make use of this powerful tool and weapon.”
