The Scottish School of Music will begin accepting cryptocurrencies for tuition fees at the request of students, announced this week. Morningside School of Music in Edinburgh said it has responded to suggestions from the school’s adult students, many of whom are now working in the city’s burgeoning fintech sector.
Linda Boyd, director of Morningside, said the school has previously used cryptocurrencies like bitcoins (BTC) for commercial purchases and can see the tool accepts them as a payment method.
“Sometimes we use things like bitcoin to pay for school supplies, so we know how fast and easy it is, and we want our music students to be able to do the same,” she said.
Boyd said the school’s decision to adopt crypto was an example of a small business following the latest example presented by large firms, adding that it simply represents a viable alternative payment method.
“Some big companies around the world are already doing this, so it’s only a matter of time before smaller companies like ours start doing the same. It’s just about giving our customers a different way of paying and making their life easier. ”
Boyd pointed to the burgeoning fintech industry in the capital, noting that many of the school’s requests for cryptocurrency adoption came from people in the industry.
“Edinburgh has a strong fintech industry and many of our students work or study in the sector, so this is a completely natural way to pay for them,” Boyd said.
The financial technology industry in Edinburgh is on the upward trend since 2019. FinTech Scotland, working in partnership with the University of Edinburgh, recently received a € 22.5 million ($ 30.9 million) grant to establish a global open funding center of excellence for the city, in recognition of its position as a distinguished national group. In the field of financial technology.
Boyd said that cryptocurrency payments for various goods and services will become popular in the near future.
“Cryptocurrency is not going anywhere and will eventually become the mainstream payment method for any type of service,” she said.