Lomond School, a Presbyterian boarding school in Helensburgh, Argyll and Bute, Scotland, plans to start accepting Bitcoin in payment of school tuition. This welcome amendment goes into force from the autumn term. The move to adopt the cryptocurrency follows longstanding prodding from parents. Lomond School accepts pupils from nursery at age three and educates them through until the age of 18. Tuition is up to £38,000 a year.
To protect itself from Bitcoin’s currency volatility, the school will have all Bitcoin donations exchanged immediately for UK pounds. Bitcoin, like all cryptocurrencies, is highly volatile, with its value jumping up and down according to supply and demand. Despite these risks, Lomond School assures that all transactions will adhere to UK financial regulations, including anti-money laundering and tax compliance measures.
Head teacher Claire Chisholm made the announcement, mentioning that the school has a long history of taking innovative approaches.
"For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers." - Claire Chisholm
Lomond School claimed that each Bitcoin transaction will be safe, apparent, and legal. The school thinks that accepting Bitcoin fits nicely with its ethos of independent thought and innovation.
Founded in 1977 through the merger of Larchfield School and St Bride's School for Girls, Lomond School has a history of adapting to new trends. The school’s ground lease appreciated in value in 2024. By embracing Bitcoin, Lomond School is positioning itself at the forefront of educational institutions exploring the potential of digital currencies.
