Romanian university plans to accept admission fees in crypto

University in the Romanian city of Sibiu in Transylvania said it will allow students to pay their admission fees in crypto.

Romanian university plans to accept admission fees in crypto

As per the announcement from Lucian Blaga University of Sibiu, or LBUS, the institution is planning to implement crypto as a payment method for more than 11,000 students starting in next July. Students will be able to pay, for admission fees of approximately $1,000 per year 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," said university Rector Sorin Radu.

Elrond has offices in the Transylvanian town of over 400,000 people and the team is of many graduates from the local university. The project said it is in a plan to carry out other partnerships with LBUS in the future.

As the legislation implemented in July, exchange providers that monitor the purchase of crypto with fiat currency and vice versa must now be authorized if they are operating in Romania. Many crypto users handling digital assets in the country are required to use exchanges that incorporate KYC requirements and comply with both domestic and foreign Anti-Money Laundering provisions.

Consequently, Elrond has been through some significant changes recently, such as its mainnet swap last year as the ERD token rebranded as EGLD.