According to the BBC on the 13th, Lomond School in Helensburg, Argyll and Bute, has adopted Bitcoin payments at the request of some parents. The school’s annual tuition is up to £38,000.
The school said it will be able to pay tuition in Bitcoin from the fall semester of this year and will initially exchange it into British pounds to reduce the risk of exchange rate fluctuations. However, it has decided not to allow cryptocurrencies other than Bitcoin.
He also stressed that all Bitcoin transactions will be “safe, transparent and legal.” He also said he would strictly comply with regulations by the British financial authorities, including anti-money laundering and tax regulations.
“The introduction of Bitcoin is in line with the school spirit that values independent thinking and innovation,” they said, claiming that they are the first private schools in the UK to receive tuition fees in cryptocurrency.
“The school has cultivated a highly inquisitive, contemplative and communicative talent for many generations,” said principal Claire Chisom.
“This means more than just payment,” a school official said. “Students will be able to think critically about money, sovereignty, and the digital economy that is changing the world.”
Lomond School was previously established in 1977 by the merger of lachfield school and st. Bride girls’ school, and is taught to students aged 3 to 18.
Meanwhile, Bitcoin is a digital currency that is not controlled by central banks or financial institutions, and although its price has risen last year, it is still highly volatile.
SALLY LEE
US ASIA JOURNAL
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