The Lomond School in Scotland has become the UK’s first academic institution to accept Bitcoin (BTC) tuition fees, representing the mainstream steps in adoption in the crypto industry.
Bitcoin represents independence and innovation, says Lomond
In a recent blog post, Lomond School announced that it will include BTC as its tuition payment option. The UK School Management explains that the decision was driven by multiple factors, including the alignment of Bitcoin with independent thinking and innovation, which is part of the school’s core spirit.
Lomond describes Bitcoin as a decentralized asset without a central authority, and is easily accessible and transferable, reflecting key principles such as democracy and inclusion.
The school’s statement reads as follows:
…Bitcoin is available to anyone trying to learn. It will be more democratic and inclusive, especially for people in developing countries who do not have access to traditional banks. Lomond sees Bitcoin as the perfect real-world case study of economics, computing, ethics and innovation.
The Scottish school further states that adoption of BTC as a payment alternative is also driven by a significant demand from local parents and international agents, indicating an increase in the global acceptance of cryptocurrencies as a viable financial asset.
However, Lomond says the school will only deal with Bitcoin at this time, where it is distinguished from other cryptocurrencies in terms of “security, rarity, transparency and resilience.”
Lomond: Bitcoin Treasury is viable
To alleviate customer fears about blockchain security, Lomond says these BTC payments will be received by muskets and colleagues, KYC-compliant partners, which are regulated on behalf of the school. But despite this crypto-friendly approach, Lomond says all Bitcoins acquired will soon be converted to British Pound (GBP) to avoid dealing with the volatility of the crypto market.
Nevertheless, it is possible to establish the BTC Treasury with the emergence of important support from the school community.
Lomond says:
(Bitcoin) The Treasury is a gradual goal, not an immediate change, but completely relying on community support and the ability to responsibly “SAT” over time.
Lomond may be the first UK school to dabble on Bitcoin payments, but academic institutions from other countries have long been researching the use of the best cryptocurrency. These schools include Wharton College at the University of Pennsylvania, King’s College in New York, and major universities in El Salvador. Meanwhile, other academic institutions such as the University of Wyoming have developed ample resources to carry out peer-reviewed research on “digital gold.”
At the time of writing, BTC has continued to trade at $83,230 after a price rise of 3.65% over the past 24 hours.
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