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Russian Government-Backed Corporation To Cut Spending On Blockchain Development By 50%

Janelle Fox

Summary: Rocstec, a corporation backed by the Russian government, plans to cut the country’s spending on blockchain development by at least 50%. According to a report from domestic news outlet Kommersant on Jan. 27, the organization plans to spend 28.4 billion rubles ($453.2 million) on developing blockchain technologies in Russia by 2024, instead of the original ...

Rocstec, a corporation backed by the Russian government, plans to cut the country’s spending on blockchain development by at least 50%.

According to a report from domestic news outlet Kommersant on Jan. 27, the organization plans to spend 28.4 billion rubles ($453.2 million) on developing blockchain technologies in Russia by 2024, instead of the original 55 billion ($877.8 million) to 85 billion rubles ($1.3 billion).

By Janelle Fox

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