Morningside School of Music has become the first music school in Scotland to begin accepting cryptocurrency as a payment option for tuition fees.
The Edinburgh-based school has already started accepting the currency, and says it was “responding to requests from students,” believing that the payment format would eventually “become the norm”.
Director Linda Boyd said many of the school’s adult pupils work in the Capital’s growing fintech industry and had suggested the new service.
Morningside School of Music has 700 pupils across the east of Scotland and has recently invested in technology to carry out more music lessons online.
Commenting on the cryptocurrency adoption, Boyd said: “Some larger companies across the world are already doing this, so it’s just a matter of time before smaller businesses like ours start doing the same.
“It’s just about giving our customers another way of paying and making life easier for them.
“Edinburgh’s got a big fintech industry and many of our pupils work or study in that sector, so for them, this is a perfectly natural way to pay.
“We sometimes use things like Bitcoin to pay for goods for the school, so we know how fast and easy it is and want our music students to be able to do the same.
“Cryptocurrency is here to stay and will eventually become a routine way for people to pay for services of all descriptions.”
Digital currency involves a transaction of virtual money traded over computer networks and not typically backed up by banks.
Bitcoin is becoming increasingly popular as a form of currency, with firms like PayPal and Visa recently announcing plans to adopt it as a payment option. It is now estimated there are more than 100 million users of digital currency worldwide.
PayPal said it would convert the digital money into relevant national currencies, making any online transactions between countries easier and safe.
- Glasgow tech firm wins funding for new AI digital hiring platform
- University of Edinburgh supercomputing centre joins European network
- Glasgow students offered 12-week ICT apprenticeship placements
However, increased use of bitcoin and other currencies as a payment option appears to have a profound effect on currency prices.
Visa’s plans pushed cryptocurrency prices higher announced earlier this week pushed the price of bitcoin from around $55,000 to over $58,000, indicating its volatility.
In January the Financial Conduct Authority (FCA) warned customers over the risk of investing in cryptocurrencies on the promise that they’ll receive high returns.
The FCA issued guidance to consumers this week highlighting the perceived dangers of investing in the often-volatile cryptocurrency market.