The King’s College has announced that it will now accept bitcoins to make tuition payments, making it the first accredited school in the U.S. to accept the fast-rising virtual currency.
The New York-based school revealed on Friday that it will partner with bitcoin payments processor Coin.co to facilitate the bitcoin transactions. Bitcoins can also be used to make donations and pay for other expenses, besides paying tuition, reported the Time.
The college said that it anticipates that students will take the opportunity to get deeply immersed in emerging technologies, as bitcoin has fast grown in popularity over the last one year. The move to use bitcoins for making payments will do away with the 2-3 percent transaction costs that the college incurs when students make tuition payments using credit cards, since Coin.co doesn’t charge any transaction fees.
“Allowing bitcoin to be used to pay for a King’s education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology,” said Dr. Gregory Alan Thornbury, the President of King’s College.
Presently, the tuition for a semester at King’s College costs around 28 bitcoin.
While King’s College may be the first American college to accept bitcoin, two other colleges elsewhere do accept bitcoin. The University of Nicosia in Cyprus started accepting bitcoin in November while the University of Cumbria in Britain began doing so in January.
However, while it doesn’t have a solid policy on bitcoin payments, the Tacoma-based University of Puget Sound received a bitcoin donation worth $10,000 from an alumnus in February.
Bitcoin is a virtual currency that is fast growing in popularity since it isn’t controlled by any government or central bank. It has been used to buy goods ranging from houses to restricted drugs. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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