2021-03-30 11:49:17

Cryptocurrency used to pay for school music lessons – Daily Business

Cryptocurrencies are ‘becoming the norm’

An Edinburgh music school is to start accepting payments from customers in the form of cryptocurrency.

Morningside School of Music said it was responding to requests from students and believed the payment format would eventually become the norm.

Director Linda Boyd said many of the school’s adult pupils work in the capital’s growing fintech industry and had suggested the new service.

The school has 700 pupils across the east of Scotland and has recently invested in technology to carry out more music lessons online.

Cryptocurrency involves a digital transaction of virtual money traded over computer networks and not typically backed up by banks.

It is estimated there are now more than 100 million cryptocurrency users around the world.

Ms Boyd said: “Some larger companies across the world are already doing this, so it’s just a matter of time before smaller businesses like ours start doing the same.

“It’s just about giving our customers another way of paying and making life easier for them.

“Edinburgh’s got a big fintech industry and many of our pupils work or study in that sector, so for them this is a perfectly natural way to pay.

“We sometimes use things like Bitcoin to pay for goods for the school, so we know how fast and easy it is and want our music students to be able to do the same.

“Cryptocurrency is here to stay and will eventually become a routine way for people to pay for services of all descriptions.”

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