Paraguayan University To Accept Tuition In Crypto, Starting August
An institution in Paraguay will soon become the first Latin American University to accept tuition payment in cryptocurrency. This brings the total number of institutions in the world that accept cryptocurrency payment to eight.
The announcement was made via the university's Twitter handle. A translated version of the tweet reads, "From August 1, you will be able to pay all your tuition and fees with cryptocurrency; we take an important step towards innovation."
Universidad Americana, founded in 1994, is home to almost 20,000 students and one of the most prestigious places to get a higher education in Paraguay. The school intends to accept Bitcoin, Ethereum, Dash, and XRP as forms of payment.
How Universidad Americana Intends To Go About It
It was initially unclear if the school had any plans to liquidate its Bitcoin upon receipt, but General Director Camilo Jiménez Agüero said the university’s crypto wallet is already prepared and is ready to receive crypto payments; however, the wallet will not be activated until the fall term begins, when the university plans to include a payment button on its website.
Unlike other organizations that accept digital currencies, the university will not immediately convert its crypto into fiat money. Jiménez Agüero said the decision would be made later on.
He also said that Universidad Americana's IT team collaborated with a local cryptocurrency company to develop the project. The name of the company has not yet been disclosed.
Paraguay's Outlook On Cryptocurrency
It seems Paraguay is following recent moves made by El Salvador and Panama to bring digital currencies into the day-to-day affairs of the nation's economy.
The American University of Paraguay made this announcement only a few days after congressman Carlos Rejala declared the imminent presentation of a bill proposing the approval of Bitcoin and other cryptocurrencies as legal payment options in the country.
The Paraguayan deputy said that the country plans to legalize Bitcoin as a form of exchange in the commercial sector. Rejala also said that it is uncertain if the bill which will be presented on July 14th will seek to make Bitcoin a full legal tender.
The American University of Paraguay will not be the country's first organization to express a positive outlook towards the growing popularity of digital currencies worldwide, its most notable entertainment group Grupo Cinco will also be making a similar move. It is also not the first university to accept crypto payments. The other seven universities currently accepting Bitcoin are:
- Massachusetts Institute of Technology (U.S.)
- Pompeu Fabra University (Spain)
- Simon Fraser University (Canada)
- The University of Cumbria (UK)
- The University of Nicosia (Cyprus)
- ESMT Berlin (Germany)
- The Lucerne University of Applied Sciences and Arts (Switzerland)
If Carlos Rejala's proposal is approved and Paraguay becomes one of crypto’s biggest proponents, it will be opening its arms to miners and traders from all over the world, becoming the next Latin American crypto hotspot after El Savador.
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