ConsenSys founder says the Russia-Ukraine crisis could foster crypto adoption

The war in Ukraine has created a new perspective about the use of cryptocurrencies. Cryptocurrency activities in Ukraine have surged over the past two weeks due to the effects of the war on the country’s economy.

So far, the Ukrainian government has received more than $60 million worth of cryptocurrency donations. The government has already announced using part of the donated funds to buy military equipment and support media activities.

Crypto as a weapon for Ukraine

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Joe Lubin, the founder of ConsenSys, and a co-founder of the Ethereum blockchain, has shared thoughts about the role of cryptocurrencies in the Russia-Ukraine crisis. Lubin noted that the war would foster the integration of crypto into the global financial markets.

Lubin spoke at Camp Ethereal 2022, saying,

It’s another moment for our industry. 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 has also predicted that the use of cryptocurrencies will increase globally. He noted that digital assets would gain use in different countries despite the regulations in those countries. Therefore, it was crucial that each country creates policy and becomes agile in developing the framework needed to promote the use of digital assets.

“This country 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 neighbors are,” he added.

Crypto is not regulated in the US

Last week, there was much hype across the cryptocurrency due to an executive order on digital assets signed by the US President, Joe Biden. The order urged all federal agencies to come together and develop a regulatory framework for digital assets.

However, Lubin has stated that the US government has been slow in developing policy for the digital asset sector. He commented on the executive order saying it was “kind of funny, like, ‘Hey, all you agencies get a clue!’ That’s basically what he said.”