Lomond boarding school to accept tuition fee payments in Bitcoin

A Scottish boarding school has announced it will accept payments of school fees in the cryptocurrency Bitcoin.

Lomond School in Helensburgh, Argyll and Bute – which charges up to £38,000 per year – said the move came after requests from some parents.

Tuition payments will be accepted in Bitcoin from autumn term this year, but these will initially be converted to UK pounds to “mitigate currency risk”.

The school said adopting Bitcoin aligned with its “ethos of independent thinking and innovation”. No other cryptocurrencies will be accepted.

Lomond School claims to be the first private school in the UK to accept cryptocurrency fee payments.

Head teacher Claire Chisholm said: “For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers.

“It’s really no surprise then that the inventor of the television, John Logie Baird, is a former pupil.”

Lomond was founded in Helenburgh in 1977 in a merger between the historic Larchfield School and St Bride’s School for Girls.

It accepts pupils from nursery at age three until 18 years old.

The school said every Bitcoin transaction would be “secure, transparent, and lawful”.

It said these would meet UK financial regulations, including anti-money laundering and tax compliance.

Bitcoin is a type of digital currency that is not controlled by centralised financial institutions.

Its price climbed in value in 2024, but it is extremely volatile and can rise and fall in value at the whim of buyers and sellers.