Lomond School becomes the first school in the U.K. to accept Bitcoin (BTC) for tuition fees

According to a report on the Independent School Management site, the co-educational boarding school has become the first school in the U.K. to accept Bitcoin (BTC)

set in the Scottish town of Helensburgh, provides education for students ranging from three years old until 18 years old.

In order to introduce BTC as a viable payment method for families, the school has teamed up with Bitcoin payment provider Musqet and the FCA-regulated virtual asset service and fiat wallet CoinCorner to accept the cryptocurrency.

Initially, the school will convert all Bitcoin payments directly into British pound sterling to manage any currency risks and prefers to keep the BTC asset in the British currency. But it is also planning to build a Bitcoin asset reserve in the near future, once crypto has gained a broader acceptance in the U.K.

Announcing the decision at the national Bitcoin conference, Cheatcode, Lomond School principal Claire Chisholm said that the school has always been a trailblazer in many “firsts.” It was the first boarding school to house both boys and girls and it was also among the first to fully embrace the International Baccalaureate curriculum.

“For generations, this school has been nurturing inquirers, thinkers, communicators, and open-minded risk-takers. It’s really no surprise then that the inventor of the television, John Logie Baird, is a former pupil,” said Chisholm.

At press time, Bitcoin is currently trading at around $82,117, having gone up by 0.42% in the past 24 hours of trading. In the past week, the largest cryptocurrency by market cap has gone down by 0.7%. At the beginning of the year, BTC reached a new all-time high at $108,786.

As for the new initiative by the school to accept Bitcoin, it hopes that the move will appeal to families, both in the local and international market. Several local families and international education agents have lobbied for Bitcoin as an alternative payment option at Lomond.

For internationally-based families in particular, the ability to pay tuition fees in Bitcoin helps remove the uncertainty that comes with international exchange rates. The school hopes the new initiative will attract more forward-thinking families locally as well as those around the world.

Earlier this year, India’s Birla Institute of Management Technology launched its first cryptocurrency for on-campus usage. Dubbed BIMCOIN, the token facilitates transactions between students, vendors, and administrators. It also serves as a practical tool for students to explore blockchain and digital finance utilization.