Cyprus-Forum.com

[Demonax]

University of Nicosia in Cyprus to be the First University in the World to Accept Bitcoin; Offers Master's Degree in Digital Currency...

The University of Nicosia in Cyprus announced today that it will allow students to pay for tuition fees with Bitcoin, becoming the first accredited university in the world to do so. Starting this spring, Bitcoin will be accepted throughout the entire University of Nicosia system, which includes online programs and affiliated schools.

UNic, formerly known as Intercollege, is the largest private university in Cyprus and has about 5,000 students. Those who wish to use Bitcoin for tuition fees can pay at the university’s finance office or through an online merchant processing service.

If you haven’t heard of Bitcoin, it’s the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services. Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.

Bitcoin made headlines earlier this week after the U.S. government began discussions about the digital currency, and shortly thereafter its value went on an insane rollercoaster. Here in Seattle, a Seattle grilled cheese foodtruck is now accepting Bitcoin and 200 miles north, the world’s first Bitcoin ATM was just installed in Vancouver, B.C.

This is an interesting move on UNic’s part to accept Bitcoin — after all, the volatility of the currency is at an all-time high right now. But a university spokesperson told GeekWire that it plans on converting students’ Bitcoin immediately to Euros.

“The intention of this initiative is to ease transmission difficulties for certain students and to build our own practical knowledge about this field, not to engage in currency speculation,” the spokesperson said.

UNic expects that initial Bitcoin adoption will come from students in Africa enrolled in online degree programs.

“In certain countries, international payments are extremely cumbersome and given that certain students pay on a monthly installment plan, the transmission fees end up reaching 5-to-10 percent of their payments and being highly inconvenient,” the spokesperson said. “Furthermore, there are examples of non-traditional digital currencies in Africa, such as m-Pesa in Kenya that have reached wide adoption.”

In a statement, UNic Chief Financial Officer Dr. Christos Vlachos called digital currency “an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payments and remittances and global economic development.”

Not only is the university accepting Bitcoin as payment, but it is also launching the first Master of Science Degree in Digital Currency this spring. Introduction to Digital Currency, the degree’s first class, will be available for free to anyone as a massive open online course.

“What we aim to explore in this program is the likely development pathway of digital currency and give our students insights that they can bring to bear in their professional careers,” UNic Senior Vice Rector Dr. Andreas Polemitis said in a statement.

UNic also plans on lobbying the Cyprus government to turn the country into a “hub for Bitcoin trading, processing and banking.”

http://www.geekwire.com/2013/cyprusbase ... n-tuition/

[GreekIslandGirl]

What a way to cock a snook at those bankers who tried to decimate Cyprus' banking industry.

- It sounds less 'virtual' than offering students loans that they are supposed to repay.

[Paphitis]

What a way to cock a snook at those bankers who tried to decimate Cyprus' banking industry.

- It sounds less 'virtual' than offering students loans that they are supposed to repay.

The Banking Industry in Cyprus HAS been decimated, all because our stupid Bankers over invested in the unsustainable Greek Economy.

http://business.financialpost.com/2013/ ... n-bailout/

[Paphitis]

At least the university is able to unlock illegal proceeds from crime through Bitcoin.

This will no doubt help our Russian Mafia friends!

[Demonax]

The Banking Industry in Cyprus HAS been decimated, all because our stupid Bankers over invested in the unsustainable Greek Economy.

It's true that the situation in Cyprus is that two banks out of the tens operating in Cyprus got into in trouble because of their exposure to Greek debt.

But what decimated the Cypriot banking system was the decision to hit insured depositors. This was unprecedented and not something that the Cyprus government invented – it was forced on them by the Troika.  

The normal course would’ve been to put Laiki in resolution and treat it like a normal bank bankruptcy and see who wants to bail it out.

What you don’t do is blindly attack depositors in Cyprus banks to make up a capital shortfall and promptly watch the rest of the deposits flee the country. This was the disastrous idea that the troika inflicted on Cyprus!

Yes, the Cypriots are to blame for not supervising their banking system properly but there are other ways of dealing with bankruptcy and regulating large banking systems. The solution is not through destruction and massive unemployment.

[Demonax]

What a way to cock a snook at those bankers who tried to decimate Cyprus' banking industry.

Cyprus as a hub and centre for a virtual currency! It would be ironic if that turns out to be the case.

[Paphitis]

The Banking Industry in Cyprus HAS been decimated, all because our stupid Bankers over invested in the unsustainable Greek Economy.

It's true that the situation in Cyprus is that two banks out of the tens operating in Cyprus got into in trouble because of their exposure to Greek debt.

But what decimated the Cypriot banking system was the decision to hit insured depositors. This was unprecedented and not something that the Cyprus government invented – it was forced on them by the Troika.  

The normal course would’ve been to put Laiki in resolution and treat it like a normal bank bankruptcy and see who wants to bail it out.

What you don’t do is blindly attack depositors in Cyprus banks to make up a capital shortfall and promptly watch the rest of the deposits flee the country. This was the disastrous idea that the troika inflicted on Cyprus!

Yes, the Cypriots are to blame for not supervising their banking system properly but there are other ways of dealing with bankruptcy and regulating large banking systems. The solution is not through destruction and massive unemployment.

They were forced to hit the depositors in order to get the Bail Out. Only 100,000 was insured and Government Capital Guarantees.

Demonax, the whole situation with respect to the way Greece and RoC were treated has left a real bitter taste in my mouth.

The EU might be safe for now, but they better watch out when Italy or Spain hit the wall, because the EU will crumble faster than the Berlin Wall.

It makes me sick to see Greece and RoC grovel to those bastards!

[Demonax]

The EU might be safe for now, but they better watch out when Italy or Spain hit the wall, because the EU will crumble faster than the Berlin Wall.

The outrageous thing is that these countries, the so-called PIIGS, were never bailed out. All that happened is that the losses of their banks were shifted on to ordinary taxpayers who were forced to take on huge gov't loans just so fragile German banks wouldn't take any losses. The result was a catastrophic downward spiral for Greece, Ireland, Spain, Portugal, etc.

As you say, the debt hasn't gone away. And all the austerity policies haven't made the economies improve. Sooner or later people will wake up and kick out those parties who have followed the troika's policies. The question is: what will happen then....?

[Paphitis]

The EU might be safe for now, but they better watch out when Italy or Spain hit the wall, because the EU will crumble faster than the Berlin Wall.

The outrageous thing is that these countries, the so-called PIIGS, were never bailed out. All that happened is that the losses of their banks were shifted on to ordinary taxpayers who were forced to take on huge gov't loans just so fragile German banks wouldn't take any losses. The result was a catastrophic downward spiral for Greece, Ireland, Spain, Portugal, etc.

As you say, the debt hasn't gone away. And all the austerity policies haven't made the economies improve. Sooner or later people will wake up and kick out those parties who have followed the troika's policies. The question is: what will happen then....?

I don't know what you are hinting at Demonax.

The world operates on a fractional banking system. as a result, Governments have to provide Capital Guarantees to depositors. That means, in any Banking Collapse, the tax payer is in for a hefty bill.

What we need is regulation to stop these things from happening again.

The alternative to Troika would be to allow the Banks to go under. In such a scenario, it is likely that all depositors will lose most of their money. What happens after that would not be pretty.

What we could have done is negotiate a lot more harder. That would be ok, but both Greece and the RoC appeared to accept anything dished out to them, and were held to ransom.

Shame on the EU!, But like I said, they are sitting on a huge time bomb and soon all the chickens will come home to roost. Bastards!

[Demonax]

The alternative to Troika would be to allow the Banks to go under. In such a scenario, it is likely that all depositors will lose most of their money. What happens after that would not be pretty.

What we could have done is negotiate a lot more harder. That would be ok, but both Greece and the RoC appeared to accept anything dished out to them, and were held to ransom.

I agree that Greece and Cyprus (as well as Spain, Ireland and Portugal) were too meek in their dealings with the troika. But the ECB along with the German and French governments have carefully presented the situation as a choice between a bailout and catastrophe. Any reasonable person would choose to avoid the disaster that an uncontrolled default would cause and reluctantly back a bailout.

But there was an alternative. Just as many private firms do when facing the threat of default, the Greek government could have restructured its debt. For reasons to do with not allowing the German banks to take any losses, this was refused by Germany as an option and threats were made about kicking Greece out of the euro etc. This was the time to call Germany's bluff. But by refusing to contemplate a restructuring the consequences have been to prolong the recession, increase the debt and pile misery on the periphery nations.

As you say, these policies will come back to haunt the troika because the situation is not sustainable.