The University of Nicosia in Cyprus recently became the first educational institution in the world to accept Bitcoin as payment for student's tuition fee. This was a revolutionary act that could be poised to force other institutions to do the same. With the new payment option in place, a South African student who goes by the name Francois Rossouw, has become the first student to pay his tuition fee via the Bitcoin currency.
Rossouw made payments of 1 BTC, which is the equivalent of €670 ($910). This payment is towards an online Master of Business Administration degree.
If Bitcoin should continue on its upward spiral and is ultimately recognized by every country and various institutions in the future to come, Rossouw could go down in the history books as the first student to pay his tuition using Bitcoin.
"I am honored to be a part of this historical occasion. Being able to pay for a world-class tertiary education with Bitcoin was a dream of many but few believed that it would become a reality so soon," said Rossouw. "I am not surprised that it was the University of Nicosia, with their history of trendsetting and innovation who took the first step. I commend them on breaking the shackles of traditional payment barriers."
"I am convinced that it is this attitude that will attract some of the brightest minds in the Bitcoin world to study at the University of Nicosia especially with their Master's program in Digital Currency, another global first," continued Rossouw. "The payment made to UNic for my tuition was instant, borderless and seamless. The UNic staff was incredibly helpful in their correspondence and making sure all my questions were answered swiftly. I look forward to seeing this institution continue to grow as a hub of innovation firsthand."
Member of the Council of the University of Nicosia and the university's Chief Financial Officer, Dr. Christos Vlachos, had the following to say.
"This is exactly what we expected, that initial adoption would occur from students who are attending our online degree programs from certain countries in Africa. In some countries, international payments are extremely cumbersome and given that certain students pay on a monthly installment plan, transmission fees end up reaching 5 to 10 percent of their payments and are highly inconvenient," said Dr. Christos Vlachos, member of the Council of the University of Nicosia and the University's Chief Financial Officer. "The intention of this initiative is to ease transmission difficulties and to build our own practical knowledge about this field."
Not only is the University of Nicosia now accepting Bitcoin is payment for tuition fees, but it is also launching the first Master of Science Degree in Digital Currency in Spring 2014.
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