Joe Lubin, one of the co-founders of Ethereum, stated that digital assets are proving they can be a powerful weapon for Ukraine as it fights off the Russian invasion.
He declared that this issue in Eastern Europe is basically leading to a “point of no return” when it comes to integrating crypto into the global market and that the crisis is creating “another moment” for the crypto industry.
Indeed, Ukraine has received donations worth over $60 million in crypto assets.
“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,” declared Lubin.
He also believes that this won’t be the last time a conflict or country will use crypto assets, stating that “many different nation-states” will end up using crypto, regardless of how they currently feel about them now.
Thanks to the impact of crypto, countries will have to create “policy, get savvy, and start wielding” the necessary tools for digital assets so that they’ll be able to maintain the pace with the modern financial landscape.
Lubin was critical of the slow response from the US when it comes to dealing with digital assets and compared using digital assets to an arms race, adding that countries, such as the US, would need to “make use of this powerful tool and weapon.”