Cryptocurrencies continue to see their usage and public recognition grow.
A June 2021 report from Chainalysis Insights found cryptocurrency adoption had soared by 881% over the prior year, driven by high usage in emerging markets and by institutional investors in developed ones. Bitcoin, the world’s most valuable digital currency, is even set to become legal tender in El Salvador for the first time.
For students of financial technology – and even just finance in general – cryptocurrencies and the blockchain are now a common feature around the world.
Yet there are very few places where it’s possible to use cryptocurrencies to pay university, college or business school fees.
With many digital currencies seeing such volatility in tradeable value, paying a large fee in a currency like Bitcoin or Ethereum at the start of a school year could leave either student or teaching institute feeling short-changed by the end of it.
As of August 31st 2021, one Bitcoin was worth £34,349. A year ago it was worth £8,740.
Some universities that have dipped their toes into the area have retreated. In 2014, the UK’s University of Cumbria allowed students on two new courses to pay in Bitcoin, but the university confirmed to Bankless Times that this was no longer an option.
Why universities choose to accepting cryptocurrency
Some have stuck to it. The University of Nicosia, a private university in Cyprus, accepts tuition payments in Bitcoin via Bitpay.
“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 university spokesperson previously said.
Meanwhile Paraguay’s Universidad Americana has laid out a plan to accept Bitcoin, Ether, Dash and XRP as forms of payment. The university will make tactical decisions on when to convert the payments into fiat currency, its director has said, rather than converting them immediately.
Below is Bankless Times’ list of the places you can pay tuition fees in crypto. If you know of another, please contact us at [email protected]