Cryptocurrency is a digital or virtual currency used as a medium of exchange. There are several cryptocurrencies among which are Bitcoin, Litecoine, Ethereum, Ripple (XRP), Dogecoin, Stellar, NEO, Cardano (ADA), Polkadot (DOT), etc. The most popular of these digital currencies is bitcoin and it is beginning to be embraced by many big companies and establishments across the world as a medium of exchange.
The education sector is not left out in embracing what looks like the future of currency. There are universities and colleges across the world that accept bitcoin as a payment option for their fees and other expenditure. Here is a list of universities and colleges in the world where you can pay your tuition using bitcoin.
University of Nicosia, Cyprus
University of Nicosia, Cyprus is the first university in the world to adopt bitcoin as payment option for fees. This was as far back as November 2013. The University is the largest in Cyprus and has become instrumental in the internalization of higher education in Cyprus and the wider region. The University of Nicosia which was established in 1980, has its main campus in Nicosia, capital of Cyprus. It is a popular destination for international students from different parts of the world.
European School of Management and Technology (ESMT) Berlin, Germany
This is the first school in Germany to accept bitcoin as payment option. The school had announced in 2016 that it would be accepting bitcoin for tuition and degree certification. The reason cited by the school for making this choice is based on the digital currency’s immediacy and ease of transfer, as bitcoin transactions are typically cleared in 10 minutes, compared to potentially weeks or months for credit cards payments. ESMT is among the best business schools in Germany, offering a lot of tech-based courses, including a Masters Degree in Digital Technology and Innovation.
The Kings College, New York, USA
The Kings College (TKC) is the first accredited college in the US to accept bitcoin for tuition and other expenses. In June 2016, the school signed a partnership with Coin.co, a company that facilitates bitcoin transactions, and began to allow use of the digital currency to pay tuition, submit donations and deal with other expenses. The Kings College is a private Christian liberal Arts college in New York, with over 500 students from several countries across the world.
The University of Cumbria, UK
This is the first University in the UK to accept bitcoin as payment option. This dates back to January 2014, when the school made the announcement. In a press release announcing the move, the university claimed that it is the world’s first public university to accept bitcoin for tuition fees. It also noted that it is the first British university and the first business school to do so. The University of Cumbria is among the best universities in UK and top in the North West for employment or further education. It has campuses in London and Lake the North West (District campus in Cumbria).
The Lucerne University of Applied Sciences and Arts in Switzerland
Lucerne University of Applied Sciences and Arts, a public vocational school in Switzerland, announced on October 3, 2017, that it would commence acceptance of bitcoin for class tuition.
While making the announcement on its website, the university wrote; “The Blockchain, the technology that facilitates bitcoin transactions, is the focus of research projects and continuing and executive education programmes at the Lucerne University of Applied Sciences and Arts. By accepting the bitcoin cryptocurrency, the Lucerne University of Applied Sciences and Arts is indicating its ability to disseminate knowledge on cutting-edge technologies such as blockchain, as well as its desire to gain experience in the practical aspects of this novel area.”
The university further stated that it was into partnership with a company that will handle its bitcoin transactions. According to the school’s website; “The Lucerne University of Applied Sciences and Arts does not transact directly in bitcoins; instead, it has contracted Bitcoin Suisse AG to transact cryptocurrency business on its behalf by means of a payment system that resembles an e-banking portal. This allows the Lucerne University of Applied Sciences and Arts to accept bitcoins without actually having possession of them. The payments are converted into Swiss francs once a week, or daily if a CHF 10,000 threshold is reached. Bitcoin Suisse AG bears the risk of any exchange rate losses and currency fluctuations. The end customer incurs a payment fee of 1%. This means that the Lucerne University of Applied Sciences and Arts is sheltered from exchange rate losses and currency fluctuations.”
Lucerne is a well-known college that was founded in 1997 and offers courses in both English and German. The school specializes in education dedicated to financing, international management, economics, music, art, animation and 2D/3D design.
FPT University, Vietnam
FPT University became the first university in Vietnam to accept bitcoin as payment option, though the payment option was initially only available to foreign students. This is the first university in Vietnam to be awarded a 3 Star rating by QS World University Ranking System, with 5 Stars in 4 main sectors: Teaching, employability, facilities, and social responsibility. This is among the best schools in Vietnam and it is a popular destination for foreign students from across the world.
Varna University of Management, Bulgaria
This is the only accredited school in Bulgaria to offer scholarship in bitcoin. The school enables students applying for undergraduate programmes to receive the equivalent 1,000 Euro scholarship in bitcoin and this scholarship is awarded based on a student’s background. This move began in 2018. Varna University of Management is among the leading business schools in Bulgaria.
Innovation and Entrepreneurship Business School (IEBS), Spain
The IEBS became the first digital business school in the world to accept bitcoin as payment for tuition. The school began to offer this payment option 2018. IEBS offers online-only courses. The school said this choice made it possible for it to be able to offer a fixed rate to its wide array of international students without having to worry about international exchange rates.
Red & Yellow Creative School of Business, South Africa
Red & Yellow Creative School of Business became South Africa’s first business school to accept bitcoin for all degrees, advanced diplomas, certificates and online courses. The school announced the commencement of this payment option in 2018. This is an accredited private higher education institution with headquarters in Cape Town, South Africa.
Financia Business School, France
This is one of the leading business schools in France. Financia Business School, Paris, France, offers post-graduate courses in financial and blockchain technology. The institution began to allow students to pay their fees in cryptocurrency in the 2018. Since this payment option was introduced, many students have paid their fees in bitcoin.
A quarter of the Financia Business School’s enrolment is foreign, with many students having to shoulder complex and punitive money transfer costs. The Paris-based institution said that the acceptance of cryptocurrency for fees makes it easier for foreign students to cut these costs and transact with ease. Students who wish to transact in bitcoin do so through Coin Capital, a startup specializing in digital assets and blockchain technology, which has entered into partnership with Financia Business School for support with fee payment processes.