A boarding school in Scotland has declared that it will start accepting school fee payments in Bitcoin, a popular cryptocurrency.
Lomond School, located in Helensburgh, Argyll and Bute, which has annual fees reaching £38,000, stated that this decision was influenced by requests from certain parents.
From the autumn term of this year, tuition fees can be paid using Bitcoin, although these payments will initially be converted to UK pounds to “reduce currency risk”.
The institution noted that integrating Bitcoin is in line with its “commitment to independent thought and innovation”. No other cryptocurrencies will be accepted.
According to Lomond School, it is the first private school in the UK to allow fee payments via cryptocurrency.
The head teacher, Claire Chisholm, remarked: “For generations, this school has cultivated inquirers, thinkers, communicators, and open-minded risk-takers.
“So, it’s hardly surprising that John Logie Baird, the inventor of television, is among our distinguished alumni.”
Founded in 1977 through a merger of the historic Larchfield School and St Bride’s School for Girls, Lomond accepts students from the age of three in nursery until they are 18 years old.
The school assured that every Bitcoin transaction would be “secure, transparent, and compliant with the law”.
These transactions will adhere to UK financial regulations, encompassing anti-money laundering and tax obligations.
Bitcoin is a form of digital currency that operates independently of centralized financial institutions.
Its value surged in 2024, yet it remains highly volatile, fluctuating based on market demand and supply.
