Scottish School Becomes the First in the UK to Accept Tuition Payments in Bitcoin

Since Bitcoin is used in various countries around the world, paying for education with this cryptocurrency - without relying on traditional banking systems - will simplify international transactions. The school will independently convert incoming Bitcoin payments into British pounds.

To ensure the security of such transactions, Lomond School's management plans to collaborate with trusted financial intermediaries - CoinCorner and Musqet - which guarantee that cryptocurrency transfers are processed in accordance with UK legislation. The school's head, Claire Chisholm, clarified: "We have implemented various anti-money laundering procedures to ensure that the funds received into our accounts are clean and traceable."

Lomond School decided to accept cryptocurrency payments after the UK introduced a tax on fees charged for private educational services and accommodation in educational institutions. The government intends to allocate the tax revenues to the public education sector. In response, private schools have increased the cost of their educational services, which may lead to a decrease in student numbers, including international enrollees. In an effort to avoid this, the Scottish school became the first in the United Kingdom to offer Bitcoin as a payment option for its services.

In addition to consistently implementing innovations, the school has also integrated economic theories that support the concepts of decentralized finance into certain subjects, as well as the study of blockchain technologies and how they function. Students are introduced to all possible monetary systems, their advantages, disadvantages, and specific features, innovative approaches to economics, and methods of achieving financial independence.