A SCOTTISH boarding school will accept payments of school fees in the cryptocurrency Bitcoin.
Lomond School in Helensburgh - which accepts pupils from age three until 18-years-old - said the decision was taken after some parents requested the change.
School bosses claim it to be the first private school in the UK to accept cryptocurrency fee payments.
The school charges up to £38,000 per year, and any payments will be accepted in Bitcoin from the autumn term this year, but will initially be converted to UK pounds to "mitigate currency risk".
Bitcoin is the biggest and oldest type of cryptocurrency, having been invented in 2008.
According to online converters, 50 Bitcoin would now be worth more than £3 million.
The school said adopting Bitcoin aligned with its "ethos of independent thinking and innovation".
Headteacher Claire Chisholm said: "For generations, this school has nurtured inquirers, thinkers, communicators, and open-minded risk-takers.
"It's really no surprise then that the inventor of the television, John Logie Baird, is a former pupil."
The school, which was founded in 1977 in a merger between the historic Larchfield School and St Bride's School for Girls, said every Bitcoin transaction would be "secure, transparent, and lawful".
"Risk is carefully managed through phased implementation, conversion options, and partnerships with secure service providers, including FCA-registered CoinCorner and Musquet", the school said.
It added: "To mitigate currency risk, the school will initially convert Bitcoin payments directly into GBP. Assuming Bitcoin gains broader acceptance in the UK and worldwide, the school will look to build a Bitcoin asset reserve.
"In all situations, Lomond School will ensure full compliance with UK financial regulations, which encompass anti-money laundering and tax obligations."
