A cooperation agreement signed between El Salvador and the Corporación Ruta N de Medellín of Colombia will allow the development of projects based on bitcoin (quotation BTC). The agreement aims to benefit entrepreneurs, universities, government collaborators and the community by sharing the experiences that have transformed the capital of the Antioquia department into a smart city.
The deal was signed as part of a working tour by a Salvadoran delegation to Colombia, led by Deputy Foreign Minister Adriana Mira, according to information on this institution's website.
Ruta N Corporation, known simply as Ruta N, is a public, non-profit entity belonging to the office of the Mayor of Medellín. As described on its official website, it is a center of innovation and business, whose purpose is "to contribute to the improvement of the quality of life of the inhabitants of the city through science, technology and innovation".
El Salvador approaches Medellín
Throughout 2022, Corporación Ruta N has set itself the task of promoting nearly 1.000 technology-based projects, with the idea of "bringing innovation to every corner of the city so that every entrepreneurship has the tools to be successful" , according to local media reports.
With the new cooperation agreement, El Salvador approaches Medellín to share experiences in the articulation of the public, private and academic sectors for the development of the technological ecosystem.
"President Nayib Bukele through innovation projects, is betting on the creation of smart cities that are environmentally friendly and allow the well-being of people, through technology and connectivity", notes the statement.
The collaboration tool includes support from the Center for the Fourth Industrial Revolution to access sources of finance through private investment. This especially focused on the execution of innovation projects, in particular on bitcoin, financial inclusion and digital agenda, among others.
On the other hand, through Empresa Pública de Medellín, the Innovation Secretariat will make arrangements to participate in innovation and entrepreneurship programs. In this sense, both governmental institutions "will build a worksheet based on the main development needs in El Salvador, including the areas of water, education and innovation," adds the Salvadoran Foreign Ministry publication.
Medellín, the bitcoin city of Colombia
The publication does not specify which bitcoin projects will be at the center of development in El Salvador, but it is clear that the government is strengthening ties with Medellín. This is likely due to the fact that the Colombian city has emerged as one of the best places to do business with bitcoin and other cryptocurrencies.
Medellín is one of the most progressive cities in Colombia, with a Blockchain Center in the El Poblado area, which is dedicated to exchanging knowledge and developing and promoting investment opportunities in the cryptocurrency ecosystem.
Furthermore, the enthusiasm for the digital financial system has also reached local authorities, who in alliance with private institutions have created Rutanio, a blockchain network created to encourage technology exchange.