Students In Paraguay Can Pay Semesterly Using Bitcoin, Ethereum And Ripple

JAKARTA – The acceptance of cryptocurrencies is increasingly massive in Latin America. One of the universities in Paraguay is rumored to be allowing its students to pay tuition with a certain amount of crypto money in August.

This happened after El Salvador made Bitcoin the official currency of the country. Universidad Americana Paraguay is informed that it will accept Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) cryptocurrencies soon.

The information was conveyed by General Director Camilo Jiménez Agüero, as reported by CoinDesk. Universidad which has 17,000 students and about 60 percent of them hold lectures virtually.

The university has also created a crypto wallet to accept payments with the three cryptocurrencies. Jiménez reports that the wallet will not be activated until autumn starts and the payment menu on the campus' official website is ready to use.

Unlike other parties, Universidad Americana Paraguay will not exchange the cryptocurrency they receive into fiat currency. The decision will be implemented after the payment system is complete.

Paraguay's Universidad Americana has teamed up with a local crypto company to develop the project. Jiménez did not disclose the information in more detail including the name of the crypto company.

Other campuses are also rumored to be following in the footsteps of Universidad Americana Paraguay. The university provides a number of courses that focus on blockchain technology and cryptocurrencies.

The university adopted Bitcoin cs as a means of payment due to the lack of assistance from the local government during this pandemic. Until now, as much as 70 percent of payments received by campuses are payments in digital form.

“The challenge is to expand crypto adoption and migrate to more efficient payment channels,” said Jiménez Agüero, quoted from CoinDesk.

Previously, the largest entertainment company in Parguay, Grupo Cinco had already announced that it would accept payments with cryptocurrencies in July.

In addition, Jiménez is optimistic that businesses and industries in Paraguay will adopt cryptocurrencies because it presents an easy, fast, and efficient payment mechanism.