The University of Nicosia in struggling euro zone nation Cyprus is to become the first university in the world to accept the virtual currency bitcoin, according to a press release on its website.
The educational facility - the largest private university in Cyprus - will also offer a Master's degree in digital currency and plans to develop Cyprus into a hub for bitcoin trading, processing and banking.
"Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world," Christos Vlachos, the university's chief financial officer said in the press release on Thursday.
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"Our world class business, accounting and computer science departments have partnered to create an interdisciplinary major to prepare people for these revolutionary changes. In this light, we consider it appropriate that we implement digital currency as a method of payment across all our institutions in all cities and countries of our operations."
Bitcoin payment of tuition and other fees will be allowed, it said, with the degree course expected to help financial services and business professionals, entrepreneurs, government officials and public administrators better understand the technical underpinnings of digital currency.