The Morningside School of Music in Edinburgh is the first music school in Scotland to accept cryptocurrency as payment for music lessons.
The music school responded to suggestions from their students
The music school said it was responding to suggestions from their students and believed the payment format would eventually become the norm.
Morningside’s Director, Linda Boyd, said, “Some larger companies across the world are already doing this, so it’s just a matter of time before smaller businesses like ours start doing the same. It’s just about giving our customers another way of paying and making life easier for them.”
Many of the school’s adult pupils work in Edinburgh’s growing fintech industry and suggested paying for their music lessons with cryptocurrency.
The financial technology industry has been on an upward trajectory in Edinburgh since 2019. FinTech Scotland, which operates in conjunction with Edinburgh University, was recently awarded a 22.5 million euro ($30.9 million) grant to establish a Global Open Finance Centre of Excellence in the city, in recognition of its status as a leading national fintech cluster.
Cryptocurrency involves a digital transaction of virtual money traded over computer networks and it is estimated there are over 100 million cryptocurrency users around the world.
“Cryptocurrency is here to stay”
The Morningside School of Music had previously used cryptocurrencies, including Bitcoin, to make business purchases. Director Linda Boyd, said, “We sometimes use things like Bitcoin to pay for goods for the school, so we know how fast and easy it is and want our music students to be able to do the same. Cryptocurrency is here to stay and will eventually become a routine way for people to pay for services of all descriptions.”
The Morningside School of Music has 700 pupils and recently invested in technology to increase their online music lessons. The music school offers a range of music lessons including guitar, bass, piano, singing, drums, violin, saxophone, music production and music theory. Tuition is available for all levels from complete beginner to advanced. Technology has made it possible for pupils to enjoy professional music lessons from the comfort of their own homes.