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The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign to help small companies such as Elrond.
A public university in the Romanian city of Sibiu in Transylvania has announced that students will be able to pay their entrance fees in cryptocurrency.
According to an announcement from Lucian Blaga University of Sibiu, or LBUS, on Wednesday, the institution plans to implement crypto payment methods for its more than 11,000 students starting in July. Students will reportedly be able to pay for admission fees — tuition is roughly $1,000 per year for undergraduates — using Elrond (EGLD), which the university will then convert to Romanian leu.
“Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy,” said university Rector Sorin Radu.
Elrond, which began as an initial trade offering from the Binance Launchpad in 2019, has offices in the Transylvanian town of over 400,000 inhabitants and a staff that includes many alumni of the local university. The project stated that it intends to continue working with LBUS on other projects, including science, in the future.
According to July regulations, exchange providers that track the purchasing of crypto with fiat currency and vice versa must now be approved if they work in Romania. Many crypto users in the country who handle digital assets are expected to use exchanges that implement Know The Customer standards and comply with both domestic and international anti-money laundering provisions.
Elrond has recently undergone major improvements, including a mainnet exchange last year in which the ERD token became the EGLD token. At the time of release, the price of EGLD was $231, up more than 13% in the previous 24 hours.