The University of Nicosia, which is the largest private university in Cyprus, has announced today that it will accept Bitcoins for payment of tuition and other fees. With the announcement, the Cypriot university has become the first accredited university in the world to accept the popular digital currency.
The university also said it's launching the first MSc degree in digital currency next spring. The program, which will be offered both online and on-campus, is designed to provide better understanding of the technicalities of digital currency. Introduction to Digital Currency, the first class of the degree, will be available for free to everyone.
The initiative to accept Bitcoins is meant to "ease transmission difficulties for certain students" and to build practical knowledge about the field, a university spokesperson told GeekWire. Additionally, they also want the Cyprus government to consider its policy framework for developing the Mediterranean island country into a hub for Bitcoin trading, processing and banking.
For those who are unaware, Bitcoin is a decentralized virtual currency that is not controlled by any central authority. It has been in the news a lot recently, mainly due to its value, which increased drastically after the US government held discussions about the legitimacy of digital currencies earlier this week.
Many outlets have now started accepting Bitcoins for payments and the virtual currency now has a dedicated ATM in Vancouver.