The Lomond School in Scotland has become the pioneering academic institution in the United Kingdom to accept Bitcoin (BTC) for tuition fees, marking a significant advancement in the mainstream acceptance of cryptocurrency.
Bitcoin Symbolizes Independence And Innovation, As Stated By Lomond
In a recent post on their blog, Lomond School revealed that BTC is now an accepted payment method for tuition. The school’s administration indicated that this initiative was influenced by various factors, including Bitcoin’s embodiment of independent thought and innovation—core values of the school.
Lomond characterizes Bitcoin as a decentralized asset without a central governing body, making it both accessible and transferable, reflecting key principles of democracy and inclusivity.
A declaration from the school states:
… Bitcoin is accessible to anyone who wishes to learn, enhancing its democratic and inclusive nature, especially for individuals in developing countries with limited access to conventional banking. Lomond regards Bitcoin as an ideal real-world example in the fields of economics, computing, ethics, and innovation.
Additionally, the Scottish institution emphasizes that the decision to accept BTC as a payment option is largely driven by considerable interest from local parents and international representatives, highlighting the growing global recognition of cryptocurrencies as legitimate financial resources.
Nonetheless, Lomond has clarified that it will only support Bitcoin at this time, distinctively noting its advantages in terms of “security, scarcity, transparency, and resilience.”
Lomond: Exploring the Potential of a Bitcoin Treasury
To alleviate concerns regarding blockchain security, Lomond has assured that Bitcoin transactions will be processed through regulated and KYC-compliant partners—Musket and CoinCorner—on behalf of the school. Despite its crypto-enthusiastic stance, the school will convert all Bitcoins received immediately into Great Britain Pounds (GBP) to mitigate exposure to cryptocurrency market volatility.
However, the establishment of a BTC Treasury remains a possibility, contingent on strong backing from the school community.
Lomond remarks:
The (Bitcoin) treasury is an aspirational goal that will evolve over time, based entirely on community engagement and the school’s capacity to prudently “stack sats” as opportunities arise.
While Lomond is the first British school to implement Bitcoin payments, various academic institutions globally have explored the use of the leading cryptocurrency for quite some time. Notable examples include Wharton College at the University of Pennsylvania, King’s College in New York, and several prominent universities in El Salvador, among others. Furthermore, schools like the University of Wyoming have dedicated significant resources to conduct peer-reviewed studies on the “digital gold.”
As of now, BTC is trading at $83,230, experiencing a 3.65% increase in value over the past 24 hours.
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