In a surprising development, Lomond became the first UK school to accept Bitcoin payments. Amidst the growing acceptance and adoption of BTC, Lomond School has joined a list of institutions embracing crypto payments. Effective from the autumn term in 2025, Lomond School will accept Bitcoin from its two FCA-approved Bitcoin providers.
This development comes amid the growing trend of Bitcoin adoption and the changing regulatory environment. Let’s unveil the UK school’s strategies and the European country’s crypto initiatives.
UK School Accepts Bitcoin Payment, Know More
In collaboration with BTC providers CoinCorner and Musquet, UK’s Lomond School has begun to accept Bitcoin payments for school fees. The school will build an asset reserve from the Bitcoin payments, initially converting them into GBP.
Bitcoin Magazine unveiled this critical development via its recent X thread. The post read, “Lomond School became the first UK school to accept Bitcoin for payments. They will “look to build a Bitcoin reserve.”
Significantly, Lomond School’s strategic move comes in response to the growing demand from international education agents and parent for alternative payment options.
UK’s Crypto Initiatives: A Closer Look
Europe has been at the forefront of crypto initiatives and regulations. Recently, Patrick Hansen, the Director, EU Strategy and Policy Advisor at Circle, revealed Europe’s lead in crypto banking. He cited, “Europe is leading the world in terms of crypto-friendly banks.” Currently, the continent boasts more than 50 banks that offer digital asset services.
The UK school’s Bitcoin payments aligns with the country’s broader vision of crypto establishment. Europe’s growing enthusiasm on crypto is evident in the latest developments including Mastercard-Kraken collaboration.
Mastercard Partners Kraken
Mastercard and Kraken entered into a partnership to enable Bitcoin and crypto payments across the UK and Europe. Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard, stated, “Mastercard is committed to driving innovation and expanding the possibilities of digital payments.”
BlackRock’s Entry into UK
Additionally, asset manager BlackRock has received approval from the UK Financial Conduct Authority (FCA) to offer crypto services to clients in the country. Being listed alongside Coinbase, Moonpay, and eToro, BlackRock has become the 51st company to gain legal authority in the UK.
Bitcoin Payments Gain Traction: Why To Choose BTC?
Amid changing regulatory environment and monetary policies, Bitcoin and crypto payments are gaining global recognition. Countries across the world are choosing Bitcoin for various purposes. Nations like El Salvador have acknowledged BTC as legal tender.
Notably, the University of Nicosia began to accept Bitcoin payments in 2013, becoming first of the kind. A spokesperson commented, “The intention of this initiative is to ease transmission difficulties for certain students and to build our own practical knowledge about this field, not to engage in currency speculation”
US’ Bitcoin Strategic Reserve
Moreover, UK’s renewed interest in Bitcoin payments and cryptocurrencies could be attributed to the US President Donald Trump’s progressive stance. Recently, Trump signed an executive order to add Bitcoin as the country’s strategic crypto reserve, a move that inspired many other governments.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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- Buenos Aires high schools will start offering blockchain internships on August 27.
- ETH Kipu will train 500 students in Solidity and prepare 30 instructors.
- Argentina’s high inflation drives strong local engagement with digital assets.
In a groundbreaking move to advance blockchain education, Argentina’s Ministry of Education has partnered with ETH Kipu to introduce Ethereum and blockchain technology into the high school curriculum in Buenos Aires.
Starting August 27, high schools across the city will offer blockchain internships, providing students with invaluable hands-on experience in this rapidly evolving field.
Spurring blockchain adoption in Argentina
The collaboration with ETH Kipu, a prominent organization dedicated to Ethereum education in Latin America, marks a significant step in integrating cutting-edge technology into secondary education.
The program will include a specialized online Solidity course, designed to train 500 students in the intricacies of decentralized application (DApp) development.
Solidity, a high-level programming language used to create smart contracts on the Ethereum blockchain, has gained prominence in various networks, including the BNB Smart Chain and Avalanche.
ETH Kipu aims to equip students with the skills necessary to thrive in the blockchain sector, while also preparing 30 instructors to deliver comprehensive Ethereum and blockchain training.
According to Paula Doy, co-founder of ETH Kipu, this initiative not only introduces students to advanced technology but also opens new career opportunities, positioning Argentina at the forefront of the global blockchain movement.
Argentina’s soaring inflation driving crypto adoption
The Ministry of Education initiative comes against the backdrop of Argentina’s soaring inflation rate, which has driven significant local engagement with digital assets.
With an annual inflation rate of 276%, many Argentinians are turning to cryptocurrencies like Tether (USDT) to safeguard their assets.
Recently Forbes analysts reported that Argentina leads the Western Hemisphere in crypto adoption, with substantial activity on major platforms like Binance.
ETH Kipu’s partnership with Buenos Aires is a promising development, reflecting the country’s commitment to fostering technological innovation and preparing its youth for the future of digital finance.
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A school in Dubai has announced that it will be accepting cryptocurrencies such as Bitcoin and Ethereum as payment. Dubai is a city that has continued to introduce new and favorable laws regarding cryptocurrency and as a result, has seen the adoption of digital assets rise in recent times. The Dubai school which is scheduled to open later in 2022 has become the first in the Middle East to have this option.
Bitcoin, Ether For Tuition
In a move that is a first for the region, a Dubai school has now started accepting Bitcoin and Ethereum payments for tuition. The school which is identified as the Citizens School is not yet open but will do so later in the year. It plans to accept cryptocurrency payments through a digital currency payments platform that will allow it to easily process crypto payments and then convert them to fiat, specifically UAE Dirhams.
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The school which was founded by Dr. Adil Alzarooni is slated to open in September 2022. Alzarooni explained that the school planned to disrupt the education sector in the same way that cryptocurrencies have been changing the traditional financial system in more ways than one.
BTC continues recovery trend | Source: BTCUSD on TradingView.com
“Citizens is disrupting the education sector by re-imagining every element of the learning experience – be it the way our children learn, how we equip our teachers to be mentors, what our learners choose to wear, or the ways that parents can pay for tuition,” the founder said.
As for what the impact of this decision will be on the school, Alzarooni added;
“By introducing this new payment facility, we look forward to enhancing the role of young generations in achieving the UAE’s digital economy. As more people embrace the era of digitalisation, today’s children will become the entrepreneurs and investors of tomorrow.”
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Although the school is the first in the region to accept crypto payments, it is not the first to do it. Pennsylvania State University made headlines last year when it announced that it would begin accepting Bitcoin payments. The university which has educated the likes of Elon Musk revealed that students of the course titled Economics of Blockchain and Digital Assets were able to pay for the six-week course using BTC.
Others include the California Intercontinental University and King’s College, both of which accept cryptocurrency payments for study in their schools.
Featured image from, chart from TradingView.com
Where did BitGo come from? In all of this time covering El Salvador’s Bitcoin Law, the name wasn’t in the picture. Now, all of a sudden, Forbes claims that BitGo’s technology is behind the controversial Chivo wallet. How and when did this happen? Or, more importantly, is this real news or a paid piece to take advantage of the “historic moment for cryptocurrency adoption.”
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Not to be conspiratorial, but Forbes’ tone through this whole piece has a press-release-feel to it.
“For months, El Salvador has kept many of Chivo’s details under wraps with the nation’s 40-year-old president, Nayib Bukele, teasing the wallet’s launch on Twitter just last week. However, Forbes has learned El Salvador appears to have tapped cryptocurrency unicorn BitGo to provide Chivo’s wallet infrastructure and security platform, making the Palo Alto, Calif-based startup the nation’s exclusive hot-wallet provider in a historic moment for cryptocurrency adoption.”
What’s all this about “cryptocurrency unicorn BitGo” and “the nation’s exclusive hot-wallet provider in a historic moment”? Is this the appropriate vocabulary for a legacy media publication like this one? The most worrying sentence, however, is “Forbes has learned El Salvador appears to have tapped…” They’re not committing to anything here. It “appears” this way, but nothing is certain.
BTC price chart for 09/07/2021 on Bitstamp | Source: BTC/USD on TradingView.com
What Does BitGo Say About The Announcement?
Not El Salvador’s government, nor Strike commented on the Forbes piece. They did get a quote from Mike Belshe, CEO of BitGo, who said:
“Digital assets look so different from what we’ve seen with other types of money, and so people wonder about how [they] fit in, but this is an opportunity to build financial freedom for the people of El Salvador” says BitGo CEO Mike Belshe, speaking from his home in Silicon Valley on Saturday. “The ability to send money in a hurry on a Saturday night, when banks are closed, across the planet and at almost no fees, it’s hard to put into words how empowering that is, and what we’ll see in El Salvador is, people will start figuring it out.”
Did Belshe confirm the news? Is BitGo behind the Chivo App? He talks about “an opportunity to build financial freedom for the people of El Salvador.” So yeah, assuming Belshe was talking about this specific rumor, he seems to confirm the news. Indirectly. In a non-comital way.
To make things worse, the article ends presenting BitGo as their own marketing material would:
“Founded in 2013, BitGo has grown into one of the biggest cryptocurrency wallet companies in the world, raising more than $70 million in funding from investors including…”
Let’s Remember, What Did Strike Say About The Subject?
Strike’s Jack Mallers has met with the Bukeles, announced El Salvador’s Bitcoin adoption, and the company has an office at Bitcoin Beach. Everyone was assuming that the technology behind the Chivo wallet was going to be Strike’s. However, if we go back to the interview in which Mallers told the whole story, our sister site Bitcoinist quotes him saying:
“There’s no commercial agreement between Strike and the government of El Salvador.
“In fact, I advised and gave my opinion of the opposite. The economies of scale and network effects associated with open networks are so powerful. Just by plugging in to them you’re going to get the freemarket competition that every country would die for.”
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Did President Bukele take his advice and went with another company? Can we trust Forbes even if it sounds like a copy-and-pasted press release? Is BitGo’s technology behind the Chivo Wallet? We will know for sure very soon.
Featured Image by Chräcker Heller from Pixabay – Charts by TradingView
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