Swiss Public University Accepts Bitcoin for Tuition

Blockchain, Education, Now Accepting | October 9, 2017 By:

Swiss public vocational school Lucerne University of Applied Sciences and Arts is now accepting bitcoin for class tuition.

Lucerne University of Applied Sciences and Arts is one of seven regional, public-funded universities of applied sciences founded in 1997. The university was called University of Applied Sciences of Central Switzerland until October 15, 2007. The university is a Swiss public vocational university with campuses in Lucerne, Horw and Zug.

The university specializes in education dedicated to financing, international management, economics, music, art, animation and 2D/3D design. Lucerne details that cryptocurrency and blockchain technology is currently a focus of research at the school for “continuing and executive education programmes.” Because of these research programs, Lucerne believes its only natural to accept bitcoin to gain a better understanding.

“By accepting the bitcoin cryptocurrency, the Lucerne University of Applied Sciences and Arts is indicating its ability to disseminate knowledge on cutting-edge technologies such as blockchain, as well as its desire to gain experience in the practical aspects of this novel area,” the university said.

The university doesn’t handle the bitcoin transactions, instead entrusting all bitcoin payments to processing firm Bitcoin Suisse AG. Bitcoin Suisse AG will use a banking system similar to an e-banking portal, enabling the university to accept bitcoin without having to maintain possession of it. Bitcoin payments are converted into Swiss francs once a week, or once a day if more than 10,000 Swiss francs are acquired.

Students who use bitcoin for tuition will incur a 1% payment fee. The university is anticipating that few payments will be made in bitcoin. Lucerne believes students who understand these subjects will likely be the first to pay with bitcoin.

“Those most likely to avail themselves of this opportunity will either be already familiar with the concept of financial services and blockchain, or interested in pursuing continuing and executive education opportunities in this subject area,” the university said.