Private Vietnamese Institution Proceeds With Crypto Powered Tuition Fee Platform
A private Vietnamese university has broken all limitation to announce its acceptance of Bitcoins as tuition fees. It was recently in news that the State Bank of Vietnam imposed a ban on Cryptocurrencies .
FPT University is an academic institution operating on a private basis and having campuses in Hanoi, Ho Chi Minh City and Da Nang which are three of the most important cities of Vietnam. The university is all set to accept Bitcoin especially from foreign students as tuition fees. Announcement of the same was made by Dr. Le Truong Tung, FPT University President through social media. Dr. Tung stated, “Therefore, FPT decided to test by officially and concretely announcing the enrollment of foreign students to study in Vietnam made possible by using bitcoin as a means to pay tuition fees, [which would also] attract foreign students.”
School officials revealed that the university might soon rope in the dynamic and ever-evolving subject of cryptocurrency under its curriculum especially into banking, finance and business management. This surely is a pioneering move on the part of FPT which is going to become the first Vietnamese university to do the same. 100 foreign students studying at the university comprise just 1% of the student body. However Tung is hopeful that the Bitcoin powered tuition fee payment structure will boost up this number as the foreign students shall exchange Bitcoin for Vietnamese dong which is the country’s accepted legal tender for completing the payment. Students can also donate their bitcoin holdings to a wallet or bitcoin address owned by the university wherein the cryptocurrency shall be exchanged into legal tender for funding their ‘scholarships.’
Dr. Tung added, “in principle, FPT can open a Bitcoin account for students to transfer the Bitcoin to the school online…Later on, when specific regulations are implemented officially, both foreign and Vietnamese students can use [pay with] bitcoin.”
State Bank of Vietnam clarified its position recently by confirming that, “Bitcoin and other virtual currencies are not lawful means of payment in Vietnam,” and thereby effectively prohibiting the “issuance, supply [and] use of bitcoin.” The bank has also followed up by stating that a heavy penalty of VND 150 million – 200 million [approx. $9,000] as well as criminal prosecutions can result on disobeying the regulation.
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