Bitcoin’s reach has surpassed all expectations in the last year, with significant price shifts and developments on the blockchain. The cryptocurrency’s use cases have also convinced traditional institutions such as colleges to accept Bitcoin as payment.
Just recently, the Lucian Blaga University of Sibiu, Transylvania announced that students will have the option to pay their tuition fees to the college in Bitcoin. This landmark decision comes after the university revised its payment structure for the students starting their new term in July.
Opening up a new avenue in terms of fee payment is just one of several ways that the university plans to diversify its student relations. Over 11,000 students are expected to start in July with a majority of them glad to have such a transparent service. According to an official release from the college:
“Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy.”
Sorin Radu, the university rector added that the Elrond partnership was the first step in validating cryptocurrency transactions in countries like Romania. Elrond launched in 2019 from the Binance Launchpad umbrella and has not looked back since. Many crypto users handling digital assets in the country are required to use exchanges that incorporate KYC requirements and comply with both domestic and foreign AML provisions.
The system set up by the college will allow the students to pay the $1000 fees using Elrond [EGLD] which the university converts to Romanian leu. Elrond had also undergone a mainnet swap in 2020, a time period when the ERD token was converted into EGLD.