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University of Nicosia in Cyprus Now Accepting Bitcoin

Mobile Commerce Insider Featured Article

November 22, 2013

University of Nicosia in Cyprus Now Accepting Bitcoin

By Michael Guta
TMCnet Contributing Writer

To say this week has been volatile for Bitcoin is an understatement. On Monday the price of the currency went from $500 to $900.98, and by Tuesday it was back down to the $500 level. This fluctuation is one of the reasons many investors second guess this platform. If that wasn't enough for one week, The U.S. Senate Committee on Homeland Security and Governmental Affairs (HSGAC) held a hearing about Bitcoin with participation from the Department of Justice (DOJ) and other federal agencies. Considering everyone was expecting bad news, all the agencies said they had things under control and existing laws cover Bitcoin adequately. The Federal Reserve Chairman Ben Bernanke chimed in by saying the bank had no plans to regulate Bitcoin.

All this good news comes as the University of Nicosia in Cyprus announced the use of Bitcoin for tuition, making it the first accredited university in the world to use the virtual currency. The school will start accepting the currency starting in the spring of 2014 throughout the university's system, online programs and affiliated schools:

  • St. George’s University of London/UNic Medical School, a partnership between St. George’s University of London and UNic
  • UNic Online Degree Divisions, offering online programs to students worldwide
  • Intercollege, vocational colleges in Nicosia, Limassol and Larnaca
  • Globaltraining, professional training division offering courses in Cyprus, Greece and Romania
  • Erasmus and Global Semesters programs

With close to 5,000 students, the university is planning to accommodate all forms of payment, and payment using Bitcoin can be made at the schools finance office or through a merchant processing service online.

"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. Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world. In this light, we consider it appropriate that we implement digital currency as a method of payment across all our institutions in all cities and countries of our operations," said Dr. Christos Vlachos, Chief Financial Officer

No matter what you think of virtual currency, more and more people are starting to use the platform, and only time will tell if it will completely replace the hard currency we all use that is governed by rules and regulations most of us have no control of.

Edited by Ryan Sartor

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