Lomond School, a Scottish boarding school, located in Helensburgh, Argyll and Bute has become the first private school in the United Kingdom to allow parents to pay school fees using Bitcoin cryptocurrency.
The school’s management says it will begin accepting Bitcoin payments for tuition starting from the autumn term.
According to the BBC, Lomond’s annual fees go as high as £38,000.
The school noted that the move followed requests from some parents and aligns with its ethos of independent thinking and innovation.
However, all Bitcoin payments will be immediately converted to British pounds to guard against cryptocurrency market volatility.
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In a statement on Saturday, Head teacher Claire Chisholm said the school’s decision reflects its forward-looking values.
According to her, the school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers for generations.
“It’s really no surprise then that the inventor of the television, John Logie Baird, is a former pupil,” she said.
Founded in 1977 through the merger of Larchfield School and St Bride’s School for Girls, Lomond caters to students from nursery age to 18.
The school said all Bitcoin transactions would be secure, transparent, and comply with UK financial regulations, including anti-money laundering and tax laws.
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