Lomond School has announced that parents will be able to pay tuition fees with Bitcoin starting this autumn, marking a significant milestone as the first school in the U.K. to accept Bitcoin payments.
As reported, this co-educational boarding institution has made history as the first in the U.K. to allow Bitcoin (BTC) for tuition fee payments. Situated in Helensburgh, Scotland, the school caters to students aged three to 18 years.
To facilitate Bitcoin as an accepted payment method, Lomond School has collaborated with the Bitcoin payment service Musqet and the FCA-regulated virtual asset service and fiat wallet provider CoinCorner.
Initially, the school indicated that it would convert all Bitcoin transactions directly into British pound sterling to avoid any potential currency risks. However, it also expressed intentions to establish a Bitcoin asset reserve in the future, once the cryptocurrency becomes more widely accepted across the U.K.
The principal of Lomond School, Claire Chisholm, revealed this initiative at the national Bitcoin conference, Cheatcode. In her address, she pointed out that the school has been at the forefront of numerous innovative developments, such as being the first boarding institution to accommodate both boys and girls and adopting the International Baccalaureate curriculum.
“For generations, this school has cultivated inquirers, thinkers, communicators, and open-minded risk-takers. Therefore, it’s fitting that the inventor of the television, John Logie Baird, is among our distinguished alumni,” Chisholm noted.
As of the latest update, Bitcoin is valued at approximately $82,117, having seen a 0.42% increase over the past 24 hours. However, in the previous week, the leading cryptocurrency by market capitalization has declined by 0.7%. At the start of the year, BTC reached a record-breaking high of $108,786.
The school anticipates that the new Bitcoin payment option will attract families both locally and internationally. Reports suggest that various local families and international education agents have advocated for Bitcoin as an alternative payment method at Lomond.
This option will particularly benefit families abroad, helping to alleviate the unpredictability associated with international exchange rates. The school aims for the initiative to draw in more progressive families from the local area and beyond.
Earlier this year, the Birla Institute of Management Technology in India introduced its first cryptocurrency for on-campus transactions. Named BIMCOIN, this token facilitates interactions between students, vendors, and administrators, serving as a practical resource for students to engage with blockchain and digital finance.