The administration of the private boarding school Lomond School in the Scottish town of Helensburgh announced that it will begin accepting tuition payments in BTC from autumn. Representatives of the educational institution explained that the decision was made in response to numerous requests from parents of both local and foreign students.
The initiative to use the first cryptocurrency aligns with the school's principles of independent thinking and creative innovation, explained the management of Lomond.
The BTC will not be stored by the school; they will be converted into British pounds to 'reduce currency risk'. The educational institution does not plan to accept other digital assets as payment.
The cost of tuition at the school, which accepts students from 3 to 18 years old, is $49,700 or 0.58 BTC per year.
Previously, the management company Fidelity Investments presented its clients with an individual retirement plan with the option to invest in BTC, ETH, and LTC.