Private School Breaks with Government Over Crypto Acceptance and Regulatory Guidance

While the Nigerian government isn’t convinced of the positive value of cryptocurrency, one private school in Kano is. The New Oxford Science Academy Chiranchi has made news by announcing that it would be accepting tuition payments in cryptocurrency. The principal noted that the decision was made after communications with parents to make the payment process easier.

“What happens when the government tries to tamp down interest in a product or service that consumers want? There becomes an underground market for it. That’s not unlike what we’re seeing in the crypto community. Places like Nigeria, and other countries that disapprove of cryptocurrencies, aren’t seeing interest fade. Folks will find ways to engage in the behaviors in which they wish to partake — especially in a case like this where, often, cryptocurrencies are used as a value store and hedge against inflation,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“We’ve decided to accept cryptocurrency as school fees, because the world today is tilting towards the system… We believe one day digital money will gain more acceptance than paper money,” explained principal Sabi’u Musa Haruna. His statement was made as part of a plea for the government to embrace and regularize digital assets as a payment mechanism.

“The Nigerian government is afraid that cryptocurrencies will even further weaken their precarious monetary situation. On the other hand, that very same precarious monetary situation is what pushes consumers and institutions towards cryptocurrency, as it has been a way to hedge against inflation. The school’s decision was a business decision, one which is based on an understanding of the future. As more and more institutions turn to digital assets, governments like that of Nigeria will be forced to acquiesce in its stance,” opined Gardner.