Cyprus university accepts bitcoins for tuition

Cyprus' biggest private university, the University of Nicosia, says it will start accepting the digital currency bitcoin as an alternative way to pay tuition fees.

Cyprus' biggest private university says it will start accepting the digital currency bitcoin as an alternative way to pay tuition fees.

University of Nicosia's Chief Financial Officer Christos Vlachos says the move will help foreign students in countries where traditional banking transactions are either difficult or costly to pay fees for programs such as online degrees.

The university claims it is the first in the world to take bitcoin payments.

Vlachos told The Asssociated Press on Thursday that the university is also offering a new Masters' degree in digital currency, a field he says is the monetary equivalent of the Internet in its infancy.

He said the Cypriot government should set up a regulatory framework to attract digital currency trading companies and boost the bailed-out country's foundering economy.

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