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updated 11/21/2013 12:46:40 PM ET 2013-11-21T17:46:40

Today marks another notch in the belt for Bitcoin believers.

The University of Nicosia in Cyprus has become the first accredited university to accept Bitcoin for payment of tuition and associated fees, it announced in a statement today.

It’s been a good week for Bitcoin. Earlier this week, a Subway franchisee started accepting Bitcoin as payment for sandwiches. And last week, Silicon Valley entrepreneurs and investors launched an accelerator focusing specifically on the digital currency.

Related: 3 Big Misconceptions About Bitcoin

The English-language University of Nicosia, which across all of its affiliated institutions has more than 8,500 students from across the globe, says that the trend toward Bitcoin is inescapable.

“We are acutely aware that digital currency is an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payments and remittances and global economic development,” said Dr. Christos Vlachos, member of the Council of the University of Nicosia and the University’s chief financial officer, in a written statement. “In this light, we consider it appropriate that we implement digital currency as a method of payment across all our institutions in all cities and countries of our operations.”

Related: This Major Crowdfunding Site Now Accepts Bitcoin Pledges

 

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