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.”

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Arts and Entertainment
Standing the test of time: Michael J Fox and Christopher Lloyd in 'Back to the Future'
filmReview: A week late, Secret Cinema arrives as interactive screening goes Back to the Future
News
Chancellor George Osborne, along with the Prime Minister, have been 'complacently claiming the economy is now fixed', according to shadow Chancellor Ed Balls
i100... which is awkward, because he is their boss, after all
Travel
travel
Arts and Entertainment
Sydney and Melbourne are locked in a row over giant milk crates
artCultural relations between Sydney and Melbourne soured by row over milk crate art instillation
Arts and Entertainment
Adèle Exarchopoulos and Léa Seydoux play teeneage lovers in the French erotic drama 'Blue Is The Warmest Colour' - The survey found four times as many women admitting to same-sex experiences than 20 years ago
filmBlue Is The Warmest Colour, Bojack Horseman and Hobbit on the way
Arts and Entertainment
Preparations begin for Edinburgh Festival 2014
Edinburgh festivalAll the best shows to see at Edinburgh this year
News
i100
News
Kenny Ireland, pictured in 2010.
peopleBenidorm, actor was just 68
Environment
View from the Llanberis Track to the mountain lake Llyn
Du’r Arddu
environmentA large chunk of Mount Snowdon, in north Wales, is up for sale
Arts and Entertainment
arts + ents
News
Morrissey pictured in 2013
people
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs Student

Primary Teacher

£90 - £150 per day + travel expenses: Randstad Education Newcastle: Upper Key ...

Primary Teacher

£90 - £115 per day + travel expenses: Randstad Education Newcastle: Primary NQ...

Primary Teacher

£90 - £115 per day + travel expenses: Randstad Education Newcastle: Primary NQ...

PE Teacher

£90 - £160 per day: Randstad Education Birmingham: We are currently recruiting...

Independent Dating
and  

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

Day In a Page

Dress the Gaza situation up all you like, but the truth hurts

Robert Fisk on Gaza conflict

Dress the situation up all you like, but the truth hurts
Save the tiger: Tiger, tiger burning less brightly as numbers plummet

Tiger, tiger burning less brightly

When William Blake wrote his famous poem there were probably more than 100,000 tigers in the wild. These days they probably number around 3,200
5 News's Andy Bell retraces his grandfather's steps on the First World War battlefields

In grandfather's footsteps

5 News's political editor Andy Bell only knows his grandfather from the compelling diary he kept during WWI. But when he returned to the killing fields where Edwin Vaughan suffered so much, his ancestor came to life
Lifestyle guru Martha Stewart reveals she has flying robot ... to take photos of her farm

Martha Stewart has flying robot

The lifestyle guru used the drone to get a bird's eye view her 153-acre farm in Bedford, New York
Former Labour minister Meg Hillier has demanded 'pootling lanes' for women cyclists

Do women cyclists need 'pootling lanes'?

Simon Usborne (who's more of a hurtler) explains why winning the space race is key to happy riding
A tale of two presidents: George W Bush downs his paintbrush to pen father’s life story

A tale of two presidents

George W Bush downs his paintbrush to pen father’s life story
Restaurateur Mitch Tonks has given the Great Western Pullman dining car a makeover

The dining car makes a comeback

Restaurateur Mitch Tonks has given the Great Western Pullman dining car a makeover
Gallery rage: How are institutions tackling the discomfort of overcrowding this summer?

Gallery rage

How are institutions tackling the discomfort of overcrowding this summer?
Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players

Eye on the prize

Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players
Women's rugby: Tamara Taylor adds fuel to the ire in quest to land World Cup

Women's rugby

Tamara Taylor adds fuel to the ire in quest to land World Cup
Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
We will remember them: relatives still honour those who fought in the Great War

We will remember them

Relatives still honour those who fought in the Great War
Star Wars Episode VII is being shot on film - and now Kodak is launching a last-ditch bid to keep celluloid alive

Kodak's last-ditch bid to keep celluloid alive

Director J J Abrams and a few digital refuseniks shoot movies on film. Simon Usborne wonders what the fuss is about
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices