European business school are now accepting payment in Bitcoins
The Innovation and Entrepreneurship Business School (IEBS) in Spain is now accepting Bitcoin as payment for tuition fees. Covering its online master’s and postgraduate courses, the school will now be able to offer a fixed rate to its wide array of international students without having to worry about international exchange rates. “Cryptocurrencies are a fundamental part of the school’s strategy to change the means of payment and offer alternatives to currency exchange,” said Óscar Fuente, CEO of IEBS. IEBS’s decision reflects the fact that, despite the dramatic fluctuations in value that have come to characterize Bitcoin, the (in)famous cryptocurrency is having a profound effect on the business school world. Berlin’s European School of Management and Technology (ESMT) was the first German university to accept payment for tuition fees using Bitcoin. ESMT cite the digital currency’s immediacy and ease of transfer as a reason for their choice, as Bitcoin transactions are typically cleared in around 10 minutes, compared to potentially weeks or months for credit card payments.