Cumbria becomes first public university in the world to accept Bitcoin in tuition fees

 

The University of Cumbria is to accept the online currency Bitcoin as payment for fees, it has announced, becoming the first public university in the world to do so.

At first, payments will be limited to two courses on the roles of complimentary currencies in economic systems, which will be taught from summer this year.

The courses are to be run by the university's new Institute for Leadership and Sustainability, in an effort to “study the experience of facilitating payments by one complementary currency system”.

Professor Jem Bendell, the director of IFLAS, said: “We believe in learning by doing, and so to help inform our courses on complementary currencies, we are trialling the acceptance of them.”

The two courses accepting Bitcoin as payment are the “Certificate of Achievement in Sustainable Exchange”, to be taught at Cumbria’s London campus, and the “Postgraduate Certificate in Sustainable Leadership”, which will take place at the Lake District campus.

The University of Cumbria believes it is the first public university to accept Bitcoin, hot on the heels of the University of Nicosia, a private university in Cyprus, which announced it would do similar late last year. The two courses are already validated and are accepting students, while Cumbria’s system for accepting payments, via the Bitpay system, is also operational.

Bitcoin is an online currency and payment system which enables the international transmission of funds. Though thousands of merchants worldwide accept this “cryptocurrency” – so called because it uses cryptography to guarantee its security – it has often been associated with illicit activity, most notably with the online illegal drug market called Silk Road, which was shut down by the FBI in 2013. Bitcoin's value is famously quite volatile, but it’s currently sitting a little $1,000 on MT.Gox, which is one of its main trading exchanges.

In a statement, the university warned students against purchasing Bitcoin specifically to pay their fees, due to the “risk of currency volatility”.

It said: “[Students] should only use this facility if they already have Bitcoin, or can receive Bitcoin donations in order to pay their fees.

“There are misunderstandings about Bitcoin and this is a trial move by the university, where we approach it as a learning exercise and welcome feedback.”

However, it did not rule out accepting other currencies in future: “The university will learn from this trial and develop its awareness of innovations in complementary currencies and payment technology.”

Life and Style
Small winemakers say the restriction makes it hard to sell overseas
food + drink
Arts and Entertainment
A comedy show alumni who has gone on to be a big star, Jon Stewart
tvRival television sketch shows vie for influential alumni
Arts and Entertainment
Jerry Hall (Hand out press photograph provided by jackstanley@theambassadors.com)
theatre
Arts and Entertainment
Carrie Hope Fletcher
booksFirst video bloggers conquered YouTube. Now they want us to buy their books
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
Clare Balding
peopleClare Balding on how women's football is shaking up sport
Sport
Lewis Hamtilon and pole-sitter Nico Rosberg
SportShould F1's most aggressive driver curb his instincts in title decider?
Arts and Entertainment
Damien Hirst
artCoalition's anti-culture policy and cuts in local authority spending to blame, says academic
Sport
premier leagueMatch report: Arsenal 1 Man United 2
Arts and Entertainment
Kirk Cameron is begging his Facebook fans to give him positive reviews
film
News
i100
Sport
Jonny May scores for England
rugby unionEngland 28 Samoa 9: Wing scores twice to help England record their first win in six
Life and Style
fashionThe Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Arts and Entertainment
Jason goes on a special mission for the queen
tvReview: Everyone loves a CGI Cyclops and the BBC's Saturday night charmer is getting epic
Sport
Tony Bellew (left) and Nathan Cleverly clash at the Echo Arena in Liverpool
boxingLate surge sees Liverpudlian move into world title contention
Voices
Neil Findlay
voicesThe vilification of the potential Scottish Labour leader Neil Findlay shows how one-note politics is today, says DJ Taylor
Life and Style
food + drinkMeat-free recipes and food scandals help one growing sector
News
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs Student

Recruitment Genius: Graduate Commercial Property Surveyor

£18000 - £20000 per annum: Recruitment Genius: One of the leading firms of Cha...

Ashdown Group: Marketing Executive - Central London, Bank

£26000 - £28000 per annum: Ashdown Group: A truly exciting opportunity has ari...

Recruitment Genius: Graduate Structural Engineer

£22500 per annum: Recruitment Genius: A keen Graduate Structural Engineer with...

Recruitment Genius: Graduate Data & Delivery Guru

Negotiable: Recruitment Genius: A Graduate Data & Delivery Guru is required to...

Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible
Look what's mushrooming now! Meat-free recipes and food scandals help one growing sector

Look what's mushrooming now!

Meat-free recipes and food scandals help one growing sector
Neil Findlay is more a pink shrimp than a red firebrand

More a pink shrimp than a red firebrand

The vilification of the potential Scottish Labour leader Neil Findlay shows how one-note politics is today, says DJ Taylor
Bill Granger recipes: Tenderstem broccoli omelette; Fried eggs with Mexican-style tomato and chilli sauce; Pan-fried cavolo nero with soft-boiled egg

Oeuf quake

Bill Granger's cracking egg recipes
Terry Venables: Wayne Rooney is roaring again and the world knows that England are back

Terry Venables column

Wayne Rooney is roaring again and the world knows that England are back
Michael Calvin: Abject leadership is allowing football’s age-old sores to fester

Abject leadership is allowing football’s age-old sores to fester

Those at the top are allowing the same issues to go unchallenged, says Michael Calvin