University of Cumbria to accept Bitcoin for course payments

MANILA, Philippines – The University of Cumbria in the United Kingdom announced on Tuesday, January 21 that it would accept Bitcoin payments to coincide with the launch of courses that look at the role of complementary currencies in economics and society.

Bitcoin payments will be accepted for two specific programs, run by the university’s Institute for Leadership and Sustainability (IFLAS).

One is the Certificate of Achievement in Sustainable Exchange, a short course that will be taught from the university’s London campus from July 22 to 25, 2014. The other is the Post Graduate Certificate in Sustainable Leadership, which will be taught from the Lake District campus in June 2014.

Bitcoin is a form of alternative digital currency that is not enforced by a particular institution, such as a bank or regulatory agency, but has value like physical money. It also refers to the currency’s payment system, which is supported by a network of computers worldwide that maintain an up-to-date accounting of every transaction ever made using the currency, called the block chain.

The acceptance of Bitcoin as payment for the courses is on a trial basis.

While the University of Nicosia in Cyprus was the first private university to announce acceptance of Bitcoin as payment, the University of Cumbria’s initiative appears to be the first for a public university. It also happens to be specific for two courses that have already been validated and accepting students and with a payment system – Bitpay – already operational in place to take payments.

Professor Jem Bendell, founder and director of IFLAS, explained the reasoning behind the new initiative, saying, “We believe in learning by doing, and so to help inform our courses on complementary currencies, we are trialling the acceptance of them. The internal discussions about currency and payment innovation and the practical implications for different departments have been insightful.”

He added, “Some support Bitcoin due to its speed and cost, others due the new era of financial freedom it could enable. Others are concerned about it and how it will affect economies and society. Others think that what comes next will be even more important. We think it is essential to become better informed, and analyze it from many different perspectives.”

Bendell, who is currently in Davos, Switzerland for the World Economic Forum, told Rappler about the potential significance of Bitcoin and other alternative currencies for the Philippines.

“Filipinos could benefit a lot from Bitcoin and other currency innovations due to the importance of remittances to families and the nation. The ability to transact payments quickly and almost for free may bring down the prices of other money transfer services,” he said.

Bendell will visit Manila for the World Economic Forum on East Asia later in the year. – Rappler.com