While there are many countries from around the world adopting cryptocurrencies, Colombia on the other hand is taking things to a newer level. Recognizing the potential and growth of the crypto-blockchain sector in the future, Colombia is making all the efforts to adopt the technology.
The country is not only making the attempt of adopting the technology but it also aims to introduce development and innovation in the sector to make it more profitable and efficient.
When it comes to the advancement of crypto-blockchain technology, Colombia is investing heavily to back startups in the particular sector. It is investing in sectors that offer great potential and may prove promising as compare to other startups in the future.
Just recently, Colombia has reportedly made another investment for the support and development of the blockchain sector. According to reports, Bogota, the capital of Colombia is behind the funding of a project for the development of blockchain.
With the recent investment, Bogota has cemented its presence in the development of the crypto-blockchain sector in the city. This step taken by Bogota is evidence that Colombia is very serious when it comes to the adoption of crypto-blockchain technology.
The official website of Bogota Capital has made an announcement surrounding its investment in the cryptocurrency sector. The official announcement was made by Bogota through its website on Monday, June 21, 2021.
The announcement claims that the Bogota Capital will be backing up firms in the city that are focused on the development of crypto-blockchain technology. For the development of the technology, Bogota will go ahead making an investment worth 8.8 billion Colombian pesos.
At the time of writing, the 8.8 billion figures translate to $2.3 million, which would be used for the development of crypto-blockchain technology.
The government of Bogota has announced that it will be providing funds to the local companies in the city for crypto-blockchain development. The government of Bogota has revealed that the provision of funds would be part of the new program that the city is launching.
The project revolves around the city’s Creative Industries Fund, Technology, and Innovation, which has been titled “FITIC”.
As part of the program, the local blockchain startups in the city would be receiving funds from the government of Bogota. The funds would reportedly be 2.8 billion pesos and would be used for the development of companies that are blockchain-focused.
At the time of writing, the 2.8 billion pesos figure translates to $739,000. These funds would help the blockchain starts in the city to become more competitive and innovative versus international firms.
The capital of Bogota has revealed that the name of the particular program supporting local blockchain startups is “Hub Blockchain Bogota”.