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Romanian university plans to accept crypto payments for admission fees

  • Posted On - 2021-04-12 05:44:18

Lucian Blaga University of Sibiu has said it will allow students to pay their fees in crypto which is located in the Romanian city of Sibiu în Transylvania.

As per the announcement from the Lucian Blaga University of Sibiu, or LBUS, on Wednesday, the establishment plans to enable crypto payment ways for its more than 11k students beginning in July. Students can reportedly be ready to pay for admission fees — tuition is roughly $1,000 per annum for undergraduates — using Elrond (EGLD), which the university will then convert to Romanian leu.

"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," told university Rector Sorin Radu.

Starting as an initial exchange offering from the Binance Launchpad in 2019, Elrond has offices in the Transylvanian city of more than 400,000 people and its team contains some graduates of the local university. The project said it plans to hold the collaborations with the Lucian Blaga University of Sibiu in the future, together with analysis.

According to legislation implemented in July, exchange suppliers that monitor the buying of crypto with fiat currency and vice versa must now be authorized if they operate in Romania. Several crypto users handling digital assets in the country are necessary to use exchanges that incorporate Know Your Customer requirements and comply with both domestic and foreign Anti-Money Laundering provisions.

Elrond has currently seen few significant changes, including its mainnet swap last year as the ERD token became EGLD. At the time of publication, the worth of EGLD is $231, having risen more than 13% in the last 24 hours.