Highlights:
- Lubin says crypto could be a weapon that can empower less powerful nations
- Lubin is a Canadian-American entrepreneur and co-founder of Ethereum
- Ukraine has received millions in crypto donations since the war started
58 year old Co-Founder of Ethereum, Joseph Lubin shared his thoughts on the role of the digital currencies in the ongoing Ukraine-Russia crisis by saying that these asset classes can be considered as one of Ukraine’s best weapons against Russia.
As per the Canadian-American businessman, the ongoing geopolitical war in the Eastern region of Europe is on the verge of a “point of no return” for the integration of the digital currencies in the global market. The 58 year old also highlighted that the Ukrainian government has received over $ 60 million (close to ₹ 458 crore) worth of donations in cryptocurrency since the war broke out.
Though majority of the population consider the digital currencies merely as a financial and monetary tool, the founder of blockchain software technology company ConsenSys, Lubin believes they are a form of weapon which has the capacity of empowering smaller and less powerful nations.
He said, “This country (Ukraine) and many others are going to have to make use of this powerful tool and weapon.
“Nobody likes weapons, but you have to be as capable with powerful weapons as your neighbours are.”
Lubin’s comments came while having an interaction with the Editor-in-Chief of Decrypt, Dan Roberts, when he said that the role cryptos played in Ukraine is a pivotal point not just in the war but in the history of the entire crypto ecosystem, which can fuel the asset’s adoption as a mainstream financial tool.
Lubin also said, “It’s another moment for our industry,” and added, “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.”
Regardless of the perception of other nations towards the digital currencies, Lubin predicts that digital assets will “be used by many different nation-states, regardless of what other nation-states say or do, and this means that every nation-state has to create policy, get savvy, and start wielding these tools.”
Though Lubin showed respect towards the countries which have adopted the digital currencies (partially or fully), he did not shy away from slamming the government of the United States for dragging its feet for a while and said the Executive Order President Joe Biden signed last week was more or less “kind of funny, like, ‘Hey, all you agencies get a clue!’ That’s basically what he said.”
There are a lot of countries across the globe which are noticing the potential of the cryptos with countries such as El Salvador adopting Bitcoin as a legal tender and has stirred a move that many nations could be willing to replicate this move in the near future.
