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Tuesday, May 24, 2022

๐ŸŽ“ Joe Lubin praises the role of cryptocurrencies in Ukraine

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Joe Lubin, a Canadian-American businessman and co-founder of Ethereum and ConsenSys, said that the cryptocurrency has proven to be “a powerful weapon for Ukraine in its fight against Russia,” adding that the crisis in Eastern Europe has become a ” point of no returnโ€ for the continued integration of cryptocurrencies into global markets.

Lupine’s comments came in a lengthy conversation with Dan Roberts, editor-in-chief of Decrypt, which sponsored Camp Ethereal 2022.

So far, at least $60 million worth of cryptocurrency has been sent to the beleaguered country.

โ€œThis is another moment for our industry,โ€ Lubin said. โ€œIt represents crossing the chasm into mainstream adoption. Now we are dealing with questions of national security. It will be very deep, a point of no return in our industry, because obviously our technology is very powerful and unstoppable.

Lubin predicted that cryptocurrency โ€œwill be used by many different nation-states, regardless of what other nation-states say or do, which means each nation-state has to set policies, gain experience, and start using these tools.โ€

Lubin added that world leaders have lagged behind the party’s performance. Accusing the US government of “slowing down for a while,” he described President Joe Biden’s grand executive order, which was signed Wednesday, as “a bit of fun, like, ‘Hey, all your agencies are getting evidence !'”. “That’s basically what he said.”

Lubin compared cryptocurrencies to an arms race, saying, โ€œThis country and many other countries will have to take advantage of this powerful tool and weapon. Nobody likes weapons, but you have to be able to have powerful weapons like your neighbors.โ€

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