University in Cyprus Receives First Tuition Payment in Bitcoin

The University of Nicosia has become the world’s first accredited university to accept fees paid in cryptocurrency.

AccessTimeIconDec 6, 2013 at 12:02 p.m. UTC
Updated Sep 2, 2021 at 11:48 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The University of Nicosia has received its first tuition payment from a student using bitcoin.

Back in November, the Cypriot university announced it would accept the cryptocurrency for tuition and fee payments, becoming the world’s first accredited university to do so.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • By late November the university had received a payment from Francois Rossouw, a South African student. Rossouw paid 1 BTC towards tuition for an online Master of Business Administration degree, so he could be on his way to receive the first bitcoin-funded MBA. He said:

    “I am honoured to be a part of this historical occasion. Being able to pay for a world-class tertiary education with bitcoin was a dream of many, but few believed that it would become a reality so soon.”

    “I am not surprised that it was the University of Nicosia, with their history of trendsetting and innovation, who took the first step. I commend them on breaking the shackles of traditional payment barriers,” Rossouw added.

    Africa's influence

    Dr Christos Vlachos, member of the Council of the University of Nicosia and the University’s Chief Financial Officer, said the university expected initial adoption to come from students attending online degree programmes from countries in Africa.

    “In some countries, international payments are extremely cumbersome and given that certain students pay on a monthly instalment plan, transmission fees end up reaching 5 – 10% of their payments, and are highly inconvenient,” said Vlachos. He added:

    “The intention of this initiative is to ease transmission difficulties and to build our own practical knowledge about this field.”

    However, accepting bitcoin tuition payments is just one part of the story. The university is also launching the first Master of Science degree programme in digital currency next spring.

    It's even more ambitious than it seems, as the university plans to bring the government on board to initiate a “comprehensive framework for developing Cyprus into a hub for bitcoin trading, processing and banking”.

    Banking hub

    Cyprus is already a major regional banking hub, thanks to its liberal legislative framework.

    Although some term it the 'Switzerland of the Mediterranean', the Cypriot banking sector is not as healthy as its Swiss counterpart. Cyprus has a huge off-shore banking industry coupled with a relatively small domestic economy. The disparity indirectly precipitated the country's financial crisis last year.

    Additionally, Cyprus has a reputation as a safe haven for Eastern European oligarchs and their hard-earned savings.

    Its reputation as a tax haven for wealthy Russian depositors was shaken following the 2013 EU/IMF bailout, which also resulted in a one-off levy of up to 9.9% on deposits over €100,000.

    In theory, Bitcoin could help the country’s banking sector gain a competitive edge once again.

    Graduation image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.