Lomond School declares parents can pay tuition fees in Bitcoin starting from Autumn, in a landmark move that makes it the first school in the U.K to accept Bitcoin payments.
According to a report on the Independent School Management site, the co-educational boarding school has become the first school in the U.K. to accept Bitcoin (BTC) for tuition fees. Located in the Scottish town of Helensburgh, the school provides education for students aged three until 18 years old.
In order to make BTC an acceptable payment option, Lomond School has partnered with Bitcoin payment provider Musqet and the FCA-regulated virtual asset service and fiat wallet CoinCorner.
Initially, the school stated that it will convert all Bitcoin payments directly into British pound sterling to mitigate any currency risks. However, it also said that it is looking to build a Bitcoin asset reserve in the near future, once crypto has gained a broader acceptance in the U.K.
Lomond School principal Claire Chisholm announced the decision at the national Bitcoin conference, Cheatcode. In her speech, she explained that the school has been a trailblazer in many “firsts” as it was the first boarding school to house both boys and girls and embraced the International Baccalaureate curriculum.
“For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers. It’s really no surprise then that the inventor of the television, John Logie Baird, is a former pupil,” said Chisholm.
At press time, Bitcoin is currently valued at around $82,117, having gone up by 0.42% in the past 24 hours of trading. In the past week, the largest cryptocurrency by market cap has gone down by 0.7%. At the beginning of the year, BTC reached a new all-time high at $108,786.
According to the report, Lomond School hopes that the new Bitcoin payment option will appeal to families, both in the local and international market. Several local families and international education agents have reportedly lobbied for Bitcoin as an alternative payment option at Lomond.
For internationally-based families in particular, the ability to pay tuition fees in Bitcoin helps remove the uncertainty that comes with international exchange rates. The school hopes the new initiative will attract more forward-thinking families locally as well as those around the world.
Earlier this year, India’s Birla Institute of Management Technology launched its first cryptocurrency for on-campus usage. Dubbed BIMCOIN, the token facilitates transactions between students, vendors, and administrators. It also serves as a practical tool for students to explore blockchain and digital finance utilization.
