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Crypto adoption continues to soar as more merchants and businesses are starting to accept digital currencies such as Bitcoin (BTC) and Ether (ETH) as payments for goods and services. A Romanian university might be among the first educational institutions to join the trend as it announced plans to accept cryptocurrency as payment for students’ admission fees.
The Lucian Blaga University of Sibiu, or LBUS, announced last week that will students use crypto to pay for their admission fees in crypto, according to Cointelegraph. LBUS is a public university located in the Romanian city of Sibiu in Transylvania.
The university said that it plans to implement the crypto payment option for its more than 11,000 students starting in July. With the new option in place, students can use the crypto Elrond (EGLD), which will be converted to Romanian leu by the university. The university collects admissions fees of around $1,000 per year.
“Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy,” LBUS Rector Sorin Radu said.
The Elrond crypto was launched in 2019 via Binance’s initial token issuance platform called the Binance Launchpad. Some members of the Elrond team are graduates of the Lucian Blaga University of Sibiu, making it easier for them to partner with the local university. The team also revealed that it plans to carry out other future collaborations with the university.
Romanian legislation passed in July last year requires exchanges to be authorized by the government to operate in the country. Crypto exchanges in the country now incorporate Know Your Customer (KYC) in their procedures as well as Anti-Money Laundering practices.
Elrond underwent its mainnet swap in 2020 where the ERD token became EGLD. The price of the crypto has been on the rise in recent weeks and traded at $228.57 per coin based on Coinmarketcap data.
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