University becomes first to accept Bitcoins for fees

The University of Nicosia has become the first in the world to accept the digital currency Bitcoin for tuition and other fees, writes Constantinos Psilides for Cyprus Mail. Chief financial officer Dr Christos Vlachos said that digital currency was an inevitable technical development.

“Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world," Vlachos said. The university also announced the launch of a masters in digital currency which, according to Vlachos, is designed to further understanding of the “technical underpinnings of digital currency, how it will likely interact with existing monetary and financial systems, and what opportunities exist for innovation in digital currency systems”.

Bitcoin value soared recently, after the US Senate committee on homeland security and government deemed virtual currencies a “legitimate financial service” with the same benefits and risks as other online payment systems.
Full report on the Cyprus Mail site