On January 1, 2021, in Russia came into force the new legislation on digital financial assets, which is regulating the cryptocurrency industry. On February 25, Kommersant Publishing House, in partnership with the first DeFi-bank Independent Decentralized Finance Ecosystem (InDeFi), held an online conference: “New Discovery of Cryptocurrency. What will the law change”. The conference participants discussed the policy of the Russian regulator, talked about services working with cryptocurrencies, and shared their investment experience.The discussion was started by Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian parliament (The State Duma). According to him, the law is primarily aimed at making more active use of blockchain technology, so that digital financial assets are issued faster and thanks to them various investments and funds for the implementation of projects are attracted.InDeFi founder Alexander Lebedev spoke about his personal experience of using cryptocurrencies to finance international commercial projects, noting the simplicity and convenience of transactions. In addition, according to him, the overwhelming majority of the several thousand Russian banks that lost their licenses, were plundered by scammers. The system of decentralized finance and smart contracts will help to combat fraudulent banking.InDeFI CEO and founder of the Garantex cryptocurrency exchange Sergey Mendeleev continued the topic of participation in the cryptocurrency market, presenting the project in detail: “Our cryptocurrency bank InDeFi not only guarantees the participants of the system a high income (about 20% per annum in dollars), but also due to the issue own stabletoken, investors will be able to earn yield for the very fact of being proprietors of digital assets”.The conference caused a wide response in the Russian and foreign media. In particular, BitNovosti notes the representative composition of the participants. Hash # Telegraph examines in detail the case of InDeFI using cryptocurrency to finance a development project. Pro Blockchain Media focuses on the assessment of the situation by representatives of the State Duma. In the general opinion of the participants in the discussion, the improvement of cryptocurrency legislation is a step in the right direction, but there is still a lot of work ahead for the establishment and effective regulation of the market.Full video of the conference is available on the You-Tube channel of Kommersant Publishing House: https://www.youtube.com/watch?v=FYg-aBqwIYA
