Colombian capital promotes innovative technologies with $2.3M fund

Colombia is going all out to enter the crypto sphere. With its recent move, it is transforming Bogota into the country’s innovative centre. Bogota authorities plan to invest considerable sums of money for the development of blockchain technology, says the official website of Bogota authorities.

Impressive funding for blockchain development

From what we can see, Colombia’s capital of Bogotá thinks big, funding blockchain development as part of the city’s broader innovative technologies investment strategy. By the looks of it, Columbia has a fantastic innovative future ahead of it!

The municipal government has allocated 8.8 billion Colombian pesos (~£1.66 million) towards the Innovation, Technology and Creative Industries Fund, or FITIC, that will benefit local companies.

Bogota authorities plan to spend 2.8 billion pesos, (~£532,460) on developing local blockchain startups through a programme called “Hub Blockchain Bogotá”.

The project is supposed to help 100 blockchain-focused companies become more competitive on the global market and provide them with tech advice for implementing blockchain within participating companies.

Promising future of blockchain projects in Columbia

The new funding campaign is organized by many public and private organizations including the Superior Mayor of Bogotá, the District Secretariat for Economic Development, Jorge Tadeo Lozano University, state entrepreneurship body Innpulsa, and Singapore-based blockchain-oriented Tribe Accelerator.

Bogotá Mayor Claudia Lopez said the project can only become a success if local companies show enthusiasm and join the program. Claudia Lopez called on local businesses to apply for the program starting on 25th June. “Each company will be able to receive from the FITIC from 10 to 50 million pesos in capital to be able to take their idea forward”, said the mayor in a tweet.

By introducing such projects, it is becoming clear that Colombia is taking its crypto journey seriously. Last August, the Colombian Ministry of Information Technology and Communications called on the public sector to adopt blockchain technology in payments, land registration, voting, data management, supply chain and other areas. Previously, Bogotá launched a series of free online courses on new technologies including blockchain.

Bogota will soon join the ranks of other cities that promote blockchain development. Bogota authorities will allocate 2.8 billion pesos (~£532,460) towards the local blockchain development.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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