A Scottish music college will start accepting cryptocurrency for tuition funds following demand from college students, it was announced this week. The Morningside Faculty of Music in Edinburgh mentioned it was responding to recommendations from grownup pupils within the college, lots of whom now work within the metropolis’s burgeoning fintech sector.
Morningside’s director, Linda Boyd, mentioned the varsity had beforehand used cryptocurrencies like Bitcoin (BTC) to make enterprise purchases and will see the utility in accepting it as a type of fee.
She said, “We generally use issues like Bitcoin to pay for items for the varsity, so we all know how briskly and straightforward it’s and need our music college students to have the ability to do the identical.”
Boyd mentioned the varsity’s choice to simply accept cryptocurrency was an instance of a small enterprise following the current instance set by massive companies, including that it merely represented a viable various fee methodology.
“Some bigger corporations internationally 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 clients one other approach of paying and making life simpler for them.”
Boyd referenced the capital metropolis’s rising fintech trade, noting that many requests for the varsity to simply accept cryptocurrency got here from folks working in that trade.
“Edinburgh’s received a giant fintech trade and lots of of our pupils work or examine in that sector, so for them this can be a completely pure technique to pay,” Boyd mentioned.
The monetary expertise trade has been on an upward trajectory in Edinburgh since 2019. FinTech Scotland, which operates at the side of Edinburgh College, was lately awarded a 22.5 million euro ($30.9 million) grant to determine a International Open Finance Centre of Excellence within the metropolis, in recognition of its standing as a outstanding nationwide fintech cluster.
Boyd mentioned cryptocurrency funds for a spread of products and providers would change into commonplace within the close to future.
“Cryptocurrency is right here to remain and can finally change into a routine approach for folks to pay for providers of all descriptions,” she mentioned.