Government Slashes Blockchain Budget in Favor of R&D
CryptoNewsTerminal Staff19 Sep, 2024
Government Slashes Blockchain Budget in Favor of R&D
Government to Cut Blockchain Budget in Half Next Year According to Money Today, the government has reduced its blockchain-related support budget to KRW 20 billion in its budget for next year. The total budget for blockchain-related support projects for next year is KRW 30.9 billion, which is about half of the budget allocated this year. Most of the budget cuts have occurred in non-R&D (research and development) areas. It has been confirmed that there will be no budget for fostering blockchain companies next year. This move signals a shift in the government's priorities for blockchain technology. In the past, the government has provided significant funding for blockchain startups and projects. However, the government is now focusing on supporting research and development in blockchain technology. This is a positive development, as it will help to ensure that the government is investing in the long-term growth of blockchain technology.
