A prominent Nigerian school in the city of Kano revealed that would accept fees in cryptocurrency.
Several countries across the globe have started to embrace cryptocurrencies, particularly after the most recent crypto rally. The latest slump in the crypto market did not diminish the demand for these assets as platforms throughout several industries have been onboarding crypto into their systems. Despite the growth of the crypto-verse, the regulations surrounding it still remain unclear, and Nigerians have been a victim of the same.
Keeping all this aside, Kano’s New Oxford Science Academy was all set to include crypto into its fee structure.
Nigerian crypto-friendly school
As per a news portal, the New Oxford Science Academy would be accepting tuition fees in cryptocurrency. Elaborating on the same, the school principal, Sabi’u Musa Haruna, reportedly made the arrangement only after reviewing it with the parents. Elaborating on the adoption and popularity of crypto, the principal added,
“We’ve decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money.”
Furthermore, the principal did not reveal what cryptocurrencies the school had started to accept. Nevertheless, with Bitcoin being highly popular in the country, it is speculated that the Nigerian school could be accepting BTC for fees.
Additionally, Haruna pointed out the progress that other countries like El Salvador and Tanzania were making in terms of crypto adoption.
The crypto scene in Nigeria has been quite uncertain, specifically after the Central Bank of Nigeria declared that it had banned financial institutions from aiding services to cryptocurrency platforms. However, while this took place in February 2021, the country’s vice president, Yemi Osinbajo, delivered a crypto-positive speech in May. He stated,
“There is no question that blockchain technology generally, and cryptocurrencies, in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. We need to be prepared for that seismic shift, and it may come sooner than later.”