Romanian university set to accept crypto payments for admission fees
The past year has seen massive cryptocurrency adoption from traditional institutions, and academic bodies are now getting into the trend. A Romanian university plans to start accepting cryptocurrency payments for admission fees.
LBUS adopts crypto payment
The Lucian Blaga University of Sibiu (LBUS) has revealed that it would soon start accepting cryptocurrency payments for admission fees. The institution said it is working on crypto payment methods for its more than 10,000 students in July.According to the press release, students will have the option of paying admission fees (roughly $1,000 per year for undergraduates) in Elrond (EGLD). The university will now convert the cryptocurrency to Romanian leu.
University rector Sorin Radu stated that “Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy.”
LBUS chose the Elrond coin because it has a root in the community. The Elrond coin began as an initial exchange offering from the Binance Launchpad in 2019 and currently has offices in the Transylvanian town. The Elrond development team comprises many graduates of the local university. The development team added that it intends to partner with LBUS in the future, including research.
Romania has a budding crypto ecosystem
Romania is one of the saner cryptocurrency climes in the world. The legislation implemented in July last year requires cryptocurrency exchanges that provide fiat to crypto services to register with relevant authorities before operating in the country.Furthermore, cryptocurrency traders and investors in the country are required to use exchanges with adequate Know Your Customer requirements. The exchanges also have to comply with both domestic and foreign Anti-Money Laundering regulations.
LBUS’s acceptance of cryptocurrencies could convince other academic institutions in Romania and other parts of the world to follow suit.
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