A Scottish private school has said it will accept Bitcoin as a form of payment for school fees, in a move it claims is a first for the UK independent schools sector.
Lomond School, a co-educational, independent day and boarding school in Helensburgh, to the west of Glasgow, says parents will be able to start paying fees using the cryptocurrency from August this year.
It also said that staff wages could be paid in the currency in the future as part of a voluntary scheme.
Range of pressures on independent sector
The introduction of Bitcoin, which the school says is a response to requests from parents as well as international educational agents, comes as the independent schools sector is responding to a range of pressures, including the introduction of VAT on school fees across the UK in January.
In 2024, two Scottish private schools closed their doors; other schools have been cutting jobs and merging to make ends meet.
This week, it was revealed that an independent school in Scotland’s capital - Edinburgh Academy - was suspending all means-tested bursaries and scholarships in order to avoid raising fees. The school has also announced larger class sizes and cuts to senior positions.
In response to the Edinburgh Academy news, Lorraine Davidson, chief executive of the Scottish Council of Independent Schools, said: “We told the UK government that bursary pupils would be most impacted by the flawed education tax, and called for them to be exempt, but they refused to listen.
“Our schools are committed to doing everything they can to protect those who are already in receipt of bursaries from disruption to their education.”
Ms Davidson added: “We will fiercely resist the attempt by the UK government to make our sector more elite.”
Many other schools in the sector, including Lomond School, have been in the spotlight for their responses to financial challenges. Lomond is hoping the decision to accept Bitcoin could prove an added attraction, especially for overseas families, by removing the uncertainty of exchange rates.
To mitigate risk, the school says its introduction of Bitcoin will be phased in, with payments in the cryptocurrency initially converted directly into GBP.
Lomond also says it will partner with secure service providers, including Financial Conduct Authority-registered CoinCorner and Musquet.
It adds that, in all situations, “Lomond School will ensure full compliance with UK financial regulations, which encompass anti-money laundering and tax obligations”.
Accepting fee payments via Bitcoin
The school, which claims to have found no other examples around the world of schools accepting fee payments via Bitcoin, says it has “no current plans” to accept other cryptocurrencies and that Bitcoin is unique because its “security, scarcity, transparency and resilience” set it apart.
Bitcoin will be an “additional option” for families, who will still be able to pay fees using more established methods.
The school also said there would be related changes to its curriculum: ”We’re also integrating Austrian economics and decentralised technology into our classrooms, helping students explore real-world questions about fairness, innovation, and financial sovereignty.”
It described Austrian economics as “a school of thought focused on individual choice, sound money, and limited government intervention”.
Lomond School principal Claire Chisholm was due to announce the change to its fee-payment approach today at CheatCode, a national Bitcoin conference.
Recently, the school moved away from delivering Scottish qualifications and curriculum and introduced the International Baccalaureate.
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