The Colombian capital, Bogota, is funding blockchain development as part of the city’s broader investment in innovative technologies.

The city council will give Colombian pesos $8.8 billion ($2.3 million) to local businesses through four new programs from the city’s Fund for Innovation, Technology and Creative Industries (FITIC), according to an announcement Monday on the city’s official website.

The new funding includes a 2.8 billion pesos ($739,000) contribution to the development of local startups through a program called Hub Blockchain Bogotá. The project aims to support 100 blockchain-focused companies with the aim of increasing their competitiveness in the global market and provide technical advice on the implementation of blockchain in the participating companies.

The new innovation funding campaign is being sponsored by the Mayor of Bogotá, the Economic Development Zone Secretariat, Jorge Tadeo Lozano University, Innpulsa, the government agency for entrepreneurship and blockchain accelerator Tribe Accelerator in Singapore.

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The mayor of Bogotá, Claudia Lopez, took to Twitter on Monday to invite local businesses to apply for the program starting June 25. “Each company will be able to receive from 10 to 50 million pesos of capital from FITIC to be able to implement the idea. “, – said the rapporteur.

Colombia is actively exploring blockchain technology. In August last year, Colombia’s Ministry of Information and Communications Technology called on the public sector to implement blockchain technology in payment, land registration, voting, data management, supply chain and other areas. Bogota previously launched a series of free online courses on a wide range of new technologies, including blockchain.

Source: CoinTelegraph