Innovation in Fee Payment by University of Nicosia

The University of Nicosia is the first accredited university in the world to accept digital currency Bitcoin for payment of tuition and other fees.

University officials say that Bitcoin is an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payment and money transfers and global economic development. On the other side, Cyprus was the first country to be imposed bank restrictions by Eurogroup in March 2013. Bitcoin is probably the solution to transfer large amounts of money either for tuition payments, investments or funding.

Bitcoin is considered to serve as a mechanism for spreading financial services to under banked regions in the world. Specialists say that Bitcoin is cryptography-based digital currency that is value is determined by supply, limited by its design and demand. Bitcoin receives many criticisms such as that it is too prone to price swings against other currencies to be useful.

Important to be mentioned, is the fact that the university has already proposed to government and stakeholders to invest in the digital currency sector so as to transform Cyprus into digital trading currency service.

A Second Innovation
By spring 2014, the university is being launching another innovation, the first master degree in Digital Currency, an in depth course on the digital currencies.

This Master Degree would be offered for both online and on campus students worldwide.
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