Digitally savvy students at Cyprus’s University of Nicosia will now be able to make tuition payments using Bitcoin, making the school the first in the world to accept the virtual money. The university is also adding a new class in digital currency.
Though Bitcoin has been plagued with problems and wildly vacillating value (it crashed after an impressive rally just yesterday), the university seems confident in its future as a viable currency. “We are acutely aware that digital currency is an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payments and remittances and global economic development,” said Dr. Christos Vlachos, chief financial officer of the University of Nicosia. “Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world.”
The school isn’t going all in on Bitcoin, however. As The Verge points out, it will immediately convert any Bitcoin payments to Euros. “The intention of this initiative is to ease transmission difficulties for certain students and to build our own practical knowledge about this field, not to engage in currency speculation,” a representative told GeekWire of the decision.