Twenty days have passed since that dreadful 24th of February 2022 and the Russian advance in Ukraine has cornered Kyiv.
Crypto in aid of Ukraine’s war
The Ukrainian capital and other important cities for the control of the country such as Kharkiv, Mariupol and Odessa are expecting the final assault any day now but Zelensky‘s army has not yet been beaten.
A stoic civilian and military resistance is fighting to save the country against Moscow‘s army, which should have had an easy time of it if it were not for the courage of these people and considerable outside help.
The help of international sanctions? In part, but this is more about Russia‘s political isolation than any real help in battle.
Unexpected but enormous help has come from the crypto world.
Through donations in virtual currencies, Kyiv has been able to finance itself to supply its army with weapons (in addition to those donated by other countries), war rations and logistical support (vehicles, medical equipment in the field, etc.).
The total donations exceeded 60 million dollars, staggering figures even for a sovereign state like Ukraine, which thanked in amazement.
Joseph Lubin, a Canadian entrepreneur and co-founder of Ethereum, has spoken out on the subject of virtual currencies and war, shedding new light on crypto.
According to Lubin, the context in which Eastern Europe finds itself has been a strong driver for the integration of virtual currencies into global markets.
“It represents the crossing of the ditch towards traditional use.
We are now dealing with national security issues. It will be so profound, a tipping point for our industry, because it is clear that our technology is very powerful and unstoppable. Cryptocurrencies will be used by many different nation states, regardless of what other nation states say or do, and this means that each nation state must create policies, gain experience and start using these tools”.
The above statement by Lubin explains a simple concept.
Cryptocurrencies are unstoppable, functional and will increasingly integrate into states to the point where individual countries can choose to adopt them unilaterally regardless of the position of other countries or organizations.
According to the Canadian tycoon, we are at a point of no return and the world has realized how important crypto, especially BTC and ETH, are for the development and stability of the world.
The other side of the coin
Lubin is not the only one in Ethereum who has taken a stand on this issue.
The other co-founder, Vitalik Dmitriyevich Buterin, who is of Russian origin but has become Canadian, has also taken a stand on the same subject.
According to Buterin, Ethereum (and its crypto Ether) is functional for both Russians and Ukrainians and is super-partisan.
This position, however, contrasts with the personal one of the Russian-Canadian, who has made it clear that he strongly condemns Putin‘s oppressive actions.
Cryptocurrencies are becoming increasingly integrated into a world in which fiat currencies are losing value, raw materials are skyrocketing, the cost of energy is rising and international tensions are escalating.
The service, or rather the tool, that these currencies represent marks a discontinuity with the past: they are not controllable by one side or the other and this favours them.