Lubin, the founder of blockchain software technology company ConsenSys, said that the Ukrainian government has so far received more than $ 60 million (about Rs 458 crore) in donations in cryptocurrencies. Many consider cryptocurrencies to be a financial and monetary tool, but Lubin said that it is a kind of weapon that can empower less powerful countries. “Ukraine and many other countries have to use this powerful tool and weapon. Nobody wants weapons but you have to be able to be with weapons as powerful as your neighbors,” he said.
In a conversation with Dan Roberts, Chief Editor of Decrypt, Lubin said that the role that crypto has played for Ukraine marks a turning point in the crypto ecosystem. This could increase the use of cryptocurrencies. “Our industry will grow because it is clear that our technology is powerful and cannot be stopped,” he said. Showing respect for countries that accept cryptocurrencies, Lubin condemned the US government for stepping back on this segment. He said that the executive order signed by US President Joe Biden last week is a kind of joke.
In an executive order on digital assets, the Federal Reserve has been asked to consider whether it should issue its own digital currency. It also includes a study by the Treasury Department and other agencies on the impact of cryptocurrencies on the financial system and security. There is also a demand to make laws in many countries regarding the crypto segment. Cases of fraud in this segment have increased in recent months. Regulators say there is a need to increase screening for cryptocurrency transactions. Due to the high consumption of electricity in crypto mining, it has been banned in some countries including China.
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