By accepting Bitcoin, the independent school is offering an alternative and innovative option for contactless payments to its domestic and international students, it said as it announced the move on April 11.
Lomond School’s principal Claire Chisholm said that speaking with both local and international families at various school recruitment fairs “over the years” made the school recognise the need to implement an additional alternative payment system.
“The school consistently embraces innovation and adapts to the changing times, always responding to our parents’ needs,” she said, pointing out that Lomond School was the first mixed boarding school in Scotland and has previously listened to families’ requests by introducing the international Baccalaureate.
Bitcoin – a form of digital money that has a fixed value – is being accepted as a way of paying tuition fees because it removes the financial uncertainty of exchange rates for many international students. It is not subject to inflation or any political control and is used in developing countries where there is a lack of accessibility to traditional financial systems.
As part of the initiative, the school plans to integrate Austrian economics and decentralised technology in its classrooms, helping students explore real-world questions about fairness, innovation, and financial independence.
The school consistently embraces innovation and adapts to the changing times, always responding to our parents’ needs
Claire Chisholm, Lomond School
To mitigate currency risk, the school will initially convert Bitcoin payments directly into GBP and takes into account UK financial regulations, tax obligations and enforcing anti-money laundering.
Risk is also carefully managed through phased implementation, conversion options, and partnerships with secure service providers, including FCA- registered CoinCorner and Musquet.
“Just like any other independent school, we have implemented various AML procedures to ensure that the funds received in our accounts are clean and traceable,” Chisholm explained.
The move comes as independent schools in the UK grapple with new laws meaning they now have to pay tax on the fees they charge. With the majority of schools upping fees to cover their costs, the sector is bracing for a drop in international student numbers.
The sector’s furious backlash against the VAT made it all the way to the High Court, with the case being heard at the beginning of this month.
