Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
While many consider digital currencies as a financial and monetary tool, Lubin believes they are a form of weapon that is capable of empowering smaller and less powerful nations.
Ethereum Co-Founder Joseph Lubin has shared his thoughts on the role of digital currencies in Ukraine’s fight against Russia, saying the nascent asset class is some of the former country’s best weapons against Russia. According to Lubin, who doubles as the founder of ConsenSys said the ongoing geopolitical war in Eastern Europe is becoming a “point of no return” for the global market’s integration of cryptocurrencies.
In favor of Ukraine, the crypto community rallied around to fund the country’s war efforts with over $60 million donated in less than three weeks. The Lubin comments came from an interaction with Dan Roberts, editor-in-chief of Decrypt, which sponsored Camp Ethereal 2022. Through the talks, Lubin said the role crypto played in Ukraine is a pivotal point in the history of the crypto ecosystem, and can notably fuel the asset’s mainstream adoption.
“It’s another moment for our industry,” Lubin said at Camp Ethereal. “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.”
Irrespective of the perception of other nations regarding crypto, Lubin predicted 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.”
While showing his respect for countries that have adopted digital currencies, Lubin slammed the United States government 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.”
Digital Currencies as Weapons for All
While many consider digital currencies as a financial and monetary tool, Lubin believes they are a form of weapon that is capable of empowering smaller and less powerful nations. In his own words:
“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.”
A lot of nations are undoubtedly waking up to the potential of cryptocurrencies with countries like El Salvador adopting Bitcoin (BTC) as a legal tender, stirring a move that many nations are willing to consider in the near future.
Just as countries are embracing digital currencies, so also are they opening up to the potentials of Non-Fungible Tokens (NFTs). As reported earlier by Coinspeaker, South Korea’s ruling party, the Democratic Party of Korea (DPK) unveiled its plans earlier this year to issue NFTs in a bid to raise funds for its campaign.
With the gradual embrace of digital currencies across the board, these new asset classes are undoubtedly on their way to mainstream adoption, a point Lubin emphasized.