It was announced this week that the Scottish School of Music will begin accepting cryptocurrencies for learning at the request of students. The Morningside School of Music in Edinburgh said they had responded to suggestions from the school’s adult students, many of whom now work in the city’s booming fintech sector.
Morningside director Linda Boyd said the school had previously used cryptocurrencies such as Bitcoin (BTC) to make commercial purchases and so the instrument accepted it as a payment method.
“Sometimes we use things like bitcoins to pay for goods at school, so we know how fast and easy it is, and we want our music students to be able to do the same,” she said.
Boyd said the school’s decision to use cryptocurrency was an example of a small business following a recent example from large companies, adding that it simply represented a viable alternative payment method.
“Some of the big companies around the world are already doing this, so it’s just a matter of time before smaller companies like ours start doing the same. It’s about giving our customers a different way to pay and make life easier for them.”
Boyd pointed to the booming fintech industry in the capital, noting that many of the school’s requests to accept cryptocurrencies came from people in the industry.
“Edinburgh has a strong fintech industry and many of our students work or study in the sector, so this is a completely natural way to pay for them,” said Boyd.
Edinburgh fintech industry has shown an upward trend since 2019. FinTech Scotland, working with the University of Edinburgh, recently received a grant of € 22.5 million ($ 30.9 million) to create an open global economic experience center in the city , in recognition of its position as a prominent national group. For financial technology.
Boyd said cryptocurrency payments for various goods and services will be popular in the near future.
“Cryptocurrency will not go anywhere and will eventually become the dominant payment method for all types of services,” she said.