The international business school ESMT Berlin has just announced it will be accepting bitcoin for tuition and degree certification. The school will be the first German University to accept cryptocurrency as payment.
ESMT Berlin Accepting Bitcoin a ‘Logical Consequence of Digitalization’
ESMT Berlin is a leading business school in Germany that offers MBA accreditation, PhDs, and master’s degrees. The private university, located at Schloss Gracht near the German city of Cologne, has been well established for 25 years. Now the school will be accepting bitcoin for all of its education programs. The university detailed that digital currencies offer money transfers without the need for third-party intermediaries.
“Integrating bitcoin as a routine method of payment is a logical consequence of digitalization,” explains Georg Garlichs, CFO of ESMT. “Especially for international transactions from countries without a well-functioning banking system, the digital currency offers great advantages through the immediate, practically free-of-charge transfer. This makes bitcoins attractive to us as a means of accepted payment.”
German Interest in Cryptocurrency & Blockchain Grows
Germany has been quite keen towards researching and developing virtual currency and blockchain solutions. ESMT Berlin has a broad range of studies concerning blockchain innovation and what it means for business and society. Furthermore, a few other schools in Germany have been researching the blockchain subject as well such as Frankfurt School of Finance & Management. ESMT Berlin describes Bitcoin as the “most well-developed blockchain application.”
“In addition to reducing transaction costs and providing P2P marketplaces, blockchain also facilitates individual marketing of personal data,” details Christoph Burger, blockchain expert at ESMT. “This is a feature that offers the data owner an improved position when negotiating with the users of data, especially in the age of big data.”
Other Universities See Potential in Bitcoin
A few other universities worldwide also accept Bitcoin for services for tuition and supplies. The largest school in Cyprus the University of Nicosia was the first school to accept bitcoin back in 2013. Other universities who accept the cryptocurrency include the University of Cumbria, King’s College in New York, and others. In Boston, you can use the decentralized currency at Massachusetts Institute of Technology (MIT) COOP store for textbooks and school supplies.
ESMT Berlin will join the list of accredited schools worldwide that see a future with Bitcoin’s innovation and technology. Hopefully, these universities spark more academic interest in cryptocurrency solutions.
What do you think about ESMT Berlin accepting Bitcoin for school services? Let us know in the comments below.
Images courtesy of Shutterstock, and ESMT Berlin
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