Cryptocurrency is changing the way the world is doing transactions and education sector is no exception. Recently, universities in Switzerland announced their decision of accepting Bitcoin as payments made against tuition fees and other expenses.
The transactions will not be directly handled by the universities, rather it will be taken care off by a third party firm. For example, in the case of Lucerne University of Applied Sciences and Arts, Bitcoin Suisse AG will handle all these transactions. The university will accept the bitcoins and Bitcoin Suisse AG will convert the bitcoins to Swiss francs. Bitcoin Suisse AG will bore any loss incurred due to exchange rates. On the other hand, students will enjoy the benefit of paying only 1% payment fee, which according to Bitcoin.com is very less in comparison what students are paying right now.
Needless to say, the majority of courses covered under this scheme will be related to Blockchain and other financial services. Lucerne accepts that they are not expecting a whole lot of students opting for this payment mode initially. However, the number is still expected to grow gradually, as and when more awareness spreads on cryptocurrency.
Apart from Swiss universities, some German and French schools have also started accepting Bitcoin as the mode of payment. ESMT Berlin has started accepting Bitcoins, making it first college in Germany to do so. In fact, a university in Cyprus adopted Bitcoin in 2013, making it the first school in the world for the same. King’s college of the United States followed the trail in 2014.
The trend is catching up pretty well in Asia as well. Malaysian digital Marketing school, Next Academy, has also allowed students to pay their tuition fee in Bitcoin. The payment process involves students to scan the QR code that is made available on Next Academy’s payment page. The interesting part is, unlike their Swiss counterpart, a third party will not handle the transactions. Instead, NEXT will handle the transaction themselves by receiving the Bitcoin payments directly in their wallet. Once the tokens are received, they will be converted directly to the native currency.