According to Ethereum co-founder Joe Lubin, digital assets are proving to be a potent weapon against Russia’s invasion of Ukraine.
The founder and CEO of ConsenSys said 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. Lubin thinks that the war between Ukraine and Russia is generating “another moment” for the cryptocurrency business.
According to the article, at least $60 million in cryptocurrency has already been transported to Ukraine in the form of contributions and other forms of financial assistance.
Lubin explained to Decrypt: It entails bridging the gap between mainstream and alternative adoption. We’ve now moved on to national security concerns. It will be significant, a tipping moment for our industry, since it is obvious that our technology is very strong and unstoppable.
Lubin anticipated that the Eastern European crisis will not be the last to use cryptoassets. He said that regardless of their present position on digital assets, crypto would be adopted by “many different country governments.”
Lubin asserts that the effect of crypto will compel governments to develop “policies, become smart, and begin wielding” digital asset instruments in order to remain competitive in today’s financial market.
Lubin chastised the US government for “dithering” on the topic of digital assets, while highlighting President Joe Biden’s recent executive order bolstering crypto research. The co-founder of Ethereum linked the usage of digital assets to an arms competition, stating that governments, including the United States, would need to “make use of this formidable tool and weapon.”