CAPE TOWN - SA business school Red and Yellow, with campuses in Cape Town and Johannesburg, announced that they will accept Bitcoin payments for all degrees, advanced diplomas, certificates and online courses.
Seeing themselves as a progressive institution, the school is focused on preparing its students for career success in a digital future which means that the acceptance of the popular digital currency is releveant to paving the way.
“The world is changing rapidly, as are our students and it’s our responsibility to ensure we are serving their future focused needs” said Rob Stokes, chairman of Red & Yellow and founder of digital agency pioneer, Quirk.
“The reality is that Bitcoin is here to stay and with many youngsters having made a good return on their investment in cryptocurrencies, they now want to use this digital cash to invest in their education, as future leaders.”
Stokes revealed that the move was largely driven in response to customer needs.
He also adds that, " I believe that in the long run, cryptocurrencies are here to say and their use and adoption will only increase".
He says that the school believes cryptocurrencies are going to play and even bigger role in the future so it makes sense for a future focussed Business School like themselves to offer it as a payment option, starting with Bitcoin.
The risk involved with Bitcoin is largely surrounded by it's unpredicted future, long transaction times as well extra payments towards transaction.
When asked about this Stokes said, " We pay our bills in Rands so we will convert to Rands as the transaction happens leaving us with no Bitcoin currency fluctuation risk.
"The transactions are more expensive, but relatively speaking the cost is not material nor is the time for transactions to process. Will will only credit the course as paid once the blockchain has fully confirmed the transaction so once again there is only very limited risk to us", says Stokes.
Prof. John Simpson, former head of management studies at UCT, who is now leading the same faculty at Red & Yellow, said: “Not only will this make our offerings more accessible to the public – individuals and organisations – but it will set us apart on an international scale, regardless of the market.”
Also read: You'd be crazy to actually spend Bitcoin
- BUSINESS REPORT ONLINE