A Scottish music faculty will start accepting cryptocurrency as tuition cost following demand from college students, it was announced this week. The Morningside College of Music in Edinburgh stated it was responding to strategies from grownup pupils within the faculty, lots of whom now work within the metropolis’s burgeoning fintech sector.
Morningside’s director, Linda Boyd, stated the college had beforehand used cryptocurrencies like Bitcoin (BTC) to make enterprise purchases and will see the utility in accepting it as a type of cost.
She said, “We generally use issues like Bitcoin to pay for items for the college, so we all know how briskly and simple it’s and wish our music college students to have the ability to do the identical.”
Boyd stated the college’s determination to just accept cryptocurrency was an instance of a small enterprise following the current instance set by massive companies, including that it merely represented a viable different cost methodology.
“Some bigger corporations the world over are already doing this, so it’s only a matter of time earlier than smaller companies like ours begin doing the identical. It’s nearly giving our prospects one other manner of paying and making life simpler for them.”
Boyd referenced the capital metropolis’s rising fintech business, noting that many requests for the college to just accept cryptocurrency got here from folks working in that space.
“Edinburgh’s received an enormous fintech business and lots of of our pupils work or examine in that sector, so for them this can be a completely pure strategy to pay,” Boyd stated.
The monetary expertise business has been on an upward trajectory in Edinburgh since 2019. FinTech Scotland, which operates at the side of Edinburgh College, was just lately awarded a £22.5 million ($30.9 million) grant to ascertain a International Open Finance Centre of Excellence within the metropolis, in recognition of its standing as a outstanding nationwide fintech cluster.
Boyd stated cryptocurrency funds for a spread of products and companies would change into commonplace within the close to future.
“Cryptocurrency is right here to remain and can finally change into a routine manner for folks to pay for companies of all descriptions,” she stated.