Scottish music school accepts cryptocurrency as payment for lessons
A Scottish music school will start accepting cryptocurrency for tuition payment at the request of students, it was announcement this week. Edinburgh’s Morningside School of Music said it was responding to suggestions from mature students at the school, many of whom now work in the city’s booming fintech sector.
Morningside principal Linda Boyd said the school has used cryptocurrencies like Bitcoin (BTC) in the past to make business purchases and can see the value in accepting it as a form of payment.
She noted“We sometimes use things like Bitcoin to pay for goods for school, so we know how quick and easy it is and want our music students to be able to do the same.”
Boyd said the school’s decision to accept cryptocurrency was an example of small business following the recent lead of large corporations, adding that it simply represented a viable alternative payment method.
“Some large 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 another way to pay and making their lives easier.
Boyd referenced the capital’s growing fintech industry, noting that many requests for the school to accept cryptocurrency have come from people working in that industry.
“Edinburgh has a big fintech industry and a lot of our students work or study in that sector, so for them it’s a perfectly natural way to pay,” Boyd said.
The fintech industry is on a to the top trajectory in Edinburgh since 2019. FinTech Scotland, which operates in conjunction with the University of Edinburgh, was recently reward a €22.5 million ($30.9 million) grant to establish a global open finance center of excellence in the city, in recognition of its status as a leading national fintech cluster.
Boyd said cryptocurrency payments for a range of goods and services will become commonplace in the near future.
“Cryptocurrency is here to stay and will eventually become a mainstream way for people to pay for services of all kinds,” she said.