The use of cryptocurrencies is spreading. In recent months, institutional investors’ appetite for Bitcoin has increased, and Coinbase has become the first cryptocurrency exchange to go public.
It’s now possible to purchase and sell items online using cryptocurrencies like Bitcoin as the preferred medium of exchange, thanks to the rising popularity of Bitcoin and other cryptocurrencies. So, it is no surprise that educational institutions are now accepting Bitcoin payments. Universities realise that crypto is just as safe as credit cards, money orders, cheques, and cash, all of which can be faked, reversed or denied. We’ll look at the list of universities accepting Bitcoin as tuition payment in today’s guide.
1. The University of Nicosia (Cyprus)
UNic is the first accredited university in the world to accept bitcoin payments from students. In the Spring 2014, it started offering a Master of Science in Digital Currency. Requests from online students in these underbanked nations were the initial impetus for UNic to begin accepting bitcoin, with Vlachos citing Kenya as an excellent example.
The University of Nicosia’s students has two options for paying their Bitcoin fees: in person at the university’s finance office or online through a merchant processing provider. The University of Nicosia was okay with receiving payments in Bitcoin, but due to its volatility, they instantly changed the received digital currency to Euro.
2. The American University of Paraguay
Beginning in August 2021, the American University of Paraguay started accepting payments made in cryptocurrencies like Bitcoin and Ethereum for tuition and graduation. Over 17,000 international students attend the prestigious private American University of Paraguay.
The management stated the necessity to accommodate pupils who chose these digital currencies as their justification. It added that it was preserving its cryptocurrency holdings and deciding whether to exchange them for fiat money. The choice was made while Paraguay debated whether to adopt BTC as a legal tender in a similar fashion to El Salvador.
3. Switzerland’s Lucerne University of Applied Sciences and Arts
Through a collaboration with Bitcoin Suisse AG, the public university accepts cryptocurrency as payment for student-related expenses. According to a statement, the institution won’t handle the bitcoin, as expected; instead, the brokerage firm will convert receiving payments into Swiss francs every week. Bitcoin Suisse AG shall bear the risk of exchange rate losses and currency fluctuations.
With more than 12,000 students, Lucerne University of Applied Sciences is a prestigious Swiss institution. The six cantons of Central Switzerland provide public funding for the university. The university has been accepting payments in Bitcoin and other cryptocurrencies since 2017.
4. FPT University (Vietnam)
The university is a fellow of the FPT (The Corporation for Financing and Promoting Technology) Group and has campuses in Hanoi, Can Tho, Ho Chi Minh City, Da Nang, and Quy Nhon. In October 2017, although bitcoin was not yet accepted as a legal tender in Vietnam, it permitted students to pay tuition using this digital money.
International students who struggle with cross-country money transfers due to tight currency management policies in their countries were able to use bitcoin to pay their tuition. About 100 international students, or 1% of all students at the university, are currently enrolled. The coin is also intended to be a research tool for FPT University.
Universities began accepting bitcoin as tuition payment after realising the potential of cryptocurrencies. The fundamental motivation behind this adoption is to maintain an edge over the competition and inform pupils about current industry trends. Another possibility is to lessen the financial burden on overseas students who must pay additional costs for conversion. Additionally, some universities now accept bitcoin donations.