Romanian State University Luciana Blaga in Sibiu will start accepting the Elrond crypto asset (EGLD) for tuition fees from July this year. Then EGLD is planned to be converted into Romanian lei.
April 12, 2021 | AtoZ Markets – A public university in the Romanian city of Sibiu, Transylvania, said it would allow students to pay admission fees in cryptocurrencies.
According to an announcement by Lucian Blaga University of Sibiu, or LBUS, on Wednesday, the institution plans to implement cryptocurrency payment methods for its more than 11,000 students starting in July.
Students will be able to pay admission fees – the tuition is approximately $1,000 per year for undergraduate students – using Elrond (EGLD), which the university will then convert to Romanian leu.
“Our university has always been and will continue to support the community and local businesses, and the decision to develop this partnership with Elrond is part of this strategy,” said university rector Sorin Radu.
Starting as an ICO on Binance Launchpad in 2019, Elrond has offices in the city of Transylvania with more than 400,000 inhabitants and his team contains many graduates from the local university. The project states that it intends to carry out other collaborations with LBUS in the future, including research.
According to the legislation implemented in July, foreign exchange providers that monitor the purchase of cryptocurrencies with fiat currency and vice versa must now be authorized if they operate in Romania.
Many cryptocurrency users who deal with digital assets in the country are required to use exchanges that incorporate Know Your Client requirements and comply with national and foreign anti-money laundering provisions.
Elrond recently saw some significant changes, including his mainnet switch last year, when the ERD token became EGLD. At the time of writing, the price of EGLD is trading at $225, down 3.41% in the last 24 hours.
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