Scottish music school accepts cryptocurrency as payment for lessons

A Scottish music school will start accepting cryptocurrencies as tuition fees at the request of students, it was announced this week. Edinburgh’s Morningside School of Music says it is responding to offers from the school’s mature students, many of whom now work in the city’s booming fintech sector.

Morningside director Linda Boyd said the school has used cryptocurrencies like bitcoin (BTC) for commercial purchases in the past and might consider having utilities accept them as payment.

She said: We sometimes use things like bitcoin to pay for things for school, so we know how fast and easy it is, and we want our students to be able to do the same.

Boyd said the school’s decision to introduce cryptocurrency is an example of a small business following the lead of large corporations, adding that it is simply a viable alternative payment method.

Some of the world’s largest companies are already doing this, so it’s only a matter of time before smaller companies like ours start doing the same. It’s about offering our customers a different way to pay and making their lives easier.

Boyd spoke about the growing tech industry in the capital and noted that many applications for the crypto currency school came from people working in the field.

Edinburgh has a large technology industry and many of our students work or study in that sector, so this is a natural way to pay them, Mr Boyd said.

The financial technology sector in Edinburgh has trended upwards since 2019. FinTech Scotland, in partnership with the University of Edinburgh, recently secured a £22.5 million ($30.9 million) grant to establish a global centre for open finance in the city, in recognition of the city’s status as an outstanding national financial centre.

According to Boyd, cryptocurrency payments will become commonplace for a range of goods and services in the near future.

Cryptocurrency is here to stay and will eventually become a mainstream payment method for all descriptions, she said.

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