Lomond School Becomes First UK Private School to Accept Bitcoin for Tuition Fees
Helensburgh, Argyll and Bute – In a pioneering move, Lomond School has become the first private institution in the United Kingdom to allow parents to pay school fees using cryptocurrency. Starting in the upcoming autumn term, the Scottish boarding school will accept Bitcoin as a payment option for tuition.
Parents of students at Lomond School, where annual fees can reach up to £38,000, requested the inclusion of cryptocurrency payments, prompting the school’s administration to embrace this modern approach. This decision reflects the institution’s “ethos of independent thinking and innovation,” according to school officials.
To mitigate risks associated with the volatile nature of cryptocurrencies, all Bitcoin transactions will be converted to British pounds immediately upon payment.
Head teacher Claire Chisholm emphasized the school’s commitment to progressive values, stating, “For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers.” She highlighted the school’s esteemed alumni, including John Logie Baird, the inventor of the television, as an example of its innovative spirit.
Founded in 1977 from the merger of Larchfield School and St Bride’s School for Girls, Lomond School offers education to children from nursery through to 18 years of age. The institution assures parents that all Bitcoin transactions will adhere to UK financial regulations, including compliance with anti-money laundering and tax laws, ensuring a secure and transparent process.
As digital currencies like Bitcoin operate outside traditional banking frameworks, they remain popular, albeit highly volatile, with values subject to significant fluctuations. Nevertheless, Lomond School’s decision to accept Bitcoin marks a significant step in integrating modern financial technology into education payments.
Join our Channel...