FPT University has hinted at a plan to allow students to pay tuition fees by bitcoin although this virtual currency has not been recognized as legal in Vietnam.

Le Truong Tung, president of FPT University, announced on his personal Facebook page on October 26 that FPT will accept tuition payment in bitcoin.

According to Tung, the use of bitcoin for tuition payment will be imminently available for foreign students who have difficulty with cross-country money transfer due to strict currency management policies in their countries. There are currently 100 foreign students studying at the university, accounting for 1% of the total.

FPT University also wants to use the cryptocurrency as a tool for research purposes.

Tung said the university considers accepting bitcoin as a transaction method of the fourth industrial revolution. As a university that provides technology training, FPT University wants to be the pioneer in Vietnam in researching new technologies, and applying them in real life.

According to the university’s plan, foreign students would change bitcoin into legal currencies to pay tuition fees. Or they can send the virtual money to an account created by the university, which will be changed into legal currencies as a source of funding for scholarships.

However, the plan cannot be transferred in reality at the moment as bitcoin is still not recognized as legal currency in Vietnam.

According to the State Bank of Vietnam, the use of bitcoin as a means of payment is not recognized and protected by law, and credit institutions are not allowed to accept bitcoin payments.

The central bank reiterated its stance on Saturday in a release sent to local media, saying the use and supply of bitcoin and other cryptocurrencies are illegal, and will result in a financial penalty of up to VND200 million.

The Government has approved a plan to complete legal frameworks to manage virtual currencies, including bitcoin, but such a plan has not been ready, according to the central bank.

In fact, several businesses in Vietnam have bought Bitcoin ATMs to exchange bitcoin into cash or vice versa. Besides, many individuals and organizations have traded in bitcoin on the black market.

SGT