When the fall terms for the 2019 academic year begins, students at the institution can use cryptocurrencies to pay for grades and courses.
Camilo Jiménez Agüero, the CEO of Universidad Americana, told CoinDesk that the institution will begin accepting cryptocurrencies as payment as of August.
Universidad Americana has 17,000 students, 60% of whom study virtually. In addition to accepting bitcoin (BTC, +0.64%), ether (ETH, +0.68%), dash and XRP (+18.2%), it plans to accept cryptocurrencies as well.
Jiménez Agüero said that the university’s wallet is equipped to receive payments, but the wallet won’t be activated until the fall term when a payment button will be added to its website.
The university is not immediately converting its crypto into fiat, unlike many businesses who claim to accept crypto. The director said the decision was to be made after receiving payment.
AU has developed the project with the help of a local crypto company and its own IT department, according to Jiménez Agüero. The name of the crypto company was not disclosed.
Immediately after posting the announcement on Twitter, competitors asked the university for help in implementing crypto payment methods.
Asunción, the capital of Paraguay, is the main campus, while Ciudad del Este and Encarnación serve as satellite campuses. Jiménez Agüero said the school offers several courses focused on blockchain and cryptocurrencies.
During the epidemic, Jiménez Agüero said there was no on-site assistance, which led to an increase in digital payment adoption. According to him, 70 percent of the payments the institution receives are digital, and the other 30 percent are cash-based.
“The challenge is to expand the adoption of crypto and migrate to more efficient payment channels,” Jiménez Agüero said.
Earlier this week, Grupo Cinco announced that it would begin accepting cryptocurrency payments at its venues starting in July.
The president said he believes cryptos will eventually be accepted in every industry in the country.