An academic institution with about 11,000 students said the addition of crypto payments was part of a plan to support local businesses like Elrond.
A public university in the Romanian city of Sibiu in Transylvania said it will 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 crypto payment methods for more than 11,000 students starting in July. Students will reportedly be able to pay their entrance fees - student tuition is around $1,000 per year - using Elrond (EGLD), which the university will then convert into Romanian lei.
Starting as an initial exchange offer with Binance Launchpad in 2019, Elrond has offices in the Transylvanian city of more than 400,000 people, and its team includes many alumni of the local university. The project said it plans to conduct other collaborations with LBUS in the future, including research.
According to regulations introduced in July, exchange providers that monitor cryptocurrency purchases with fiat currency and vice versa must now obtain a license if they operate in Romania. Many cryptocurrency users handling digital assets in the country are required to use exchanges that incorporate KYC requirements and comply with domestic and foreign anti-money laundering regulations.
