Cypriot university to accept Bitcoin payments

news.yahoo.com NICOSIA, Cyprus (AP) — Cyprus' biggest private university said Thursday it will start accepting the digital currency Bitcoin as an alternative way to pay tuition fees. The country had been a hub for international banking before suffering a collapse in its financial system this year, leading the government to impose controls on the flow of capital as it accepted an international bailout. But the University of Nicosia said the move to accept Bitcoin was unrelated to the controls. Rather, it was meant to help foreign students in countries where traditional banking transactions are either difficult or costly to pay for programs such as online degrees. The university's chief financial officer, Christos Vlachos, said the institution, which has about 8,500 students enrolled, is the first in the world to take Bitcoin payments. Bitcoin is a cryptography-based digital currency that advocates say is counterfeit-proof. Its value is determined by supply — which is limited by its design — and demand. to read more click here: news.yahoo.com