Swiss Public University started accepting Bitcoin

The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments. The university has identified that Bitcoin is on the cutting edge of new technologies, and seemingly appreciates the direction in which cryptocurrency is heading.

“Its [Bitcoin’s] 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 public institution is taking the cryptocurrency as payment for student-related bills through a partnership with Bitcoin Suisse AG. The university is not accepting Bitcoin directly as a form of payment, instead they have entrusted their Bitcoin payments to a processing firm called Bitcoin Suisse AG. This is similar to an e-banking portal that allows the school to accept Bitcoin, without actually holding it. "Bitcoin Suisse AG will bear the risk of any exchange rate losses and currency fluctuations," the university notes.

Immediate adoption by most students is not expected, however. Only those who are savvy about finance or are interested in pursuing an education in this area are expected to choose the payment method, the release indicates.

The move makes it the latest publicly funded higher education institute to embrace bitcoin as an alternative payment, following the King's College New York, The University of Nicosia in Cyprus, and The University of Cumbria in the U.K.

Yet the move is perhaps an unsurprising one, given the interest the university has shown toward the tech to date. The university is not expecting the students to snap up the Bitcoin offer, but they are sure there are plenty of students who are vested in Bitcoin that will make use of the option.

“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 added.