The University of Nicosia in Cyprus has announced that it will accept bitcoin for the payment of tuition and other fees. The university, also known as UNic, is not only the first accredited university in the world to accept bitcoin from its students, but is also launching a Master of Science degree in Digital Currency in spring 2014. UNic’s Chief Financial Officer Dr. Christos Vlachos believes in the virtues of bitcoin, and says:
“We are acutely aware that digital currency is an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payments and remittances and global economic development.”
Vlachos also believes that digital currency will “create more efficient services and serve as a mechanism for spreading financial services to under-banked regions of the world.”
UNic’s initial impetus for accepting bitcoin came from receiving requests from online students in such under-banked countries, with Vlachos noting Kenya as a prime example.After looking into it some more, the administration decided that bitcoin was faster, cheaper, easier and more convenient, and decided to offer it as an option for its students.
UNic may be the first accredited university to accept bitcoin, but other educational services have already embraced the digital currency. Earlier in the year Khan Academy launched a series of educational bitcoin videos and announced it is accepting donations in bitcoin.