Cryptocurrency adoption has received a boost in Romania as one of the country’s universities has announced the acceptance of crypto payments.
Lucian Blaga University of Sibiu (LBUS), with about 11,000 students, said the move is part of its goal to offer support to local businesses like Elrond (EGLD).
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According to the institution, the implementation of crypto payments into its payments will begin next month. Once implemented, students will be able to pay for their admission fees using the Elrond (EGLD) token, which will be converted to Romanian leu by the University.
Rector of the University Sorin Radu commented on the development and the institution’s partnership with Elrond.
“Our university has been and will continue to be a supporter of the community and local business” he stated.
More collaborations with LBUS in future
Elrond was launched from Binance in 2019 and started initially as an exchange. Many graduates from the University are part of its team. Apart from this project, Elrond said it has plans to engage in several other partnerships with the LBUS in the future.
The Romanian government recently passed a law mandating exchange providers in Romania to be licensed with the country’s financial authority before operating. This includes exchanges that monitor crypto transactions.
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New rules for crypto exchanges in Romania
Crypto users that deal in digital assets are also mandated to patronize only exchanges that follow the Know Your Customer (KYC) requirements. They should also seek exchanges that comply with both local and international money laundering rules.
Elrond has witnessed important changes, especially its mainnet swap last year when the ERD token was changed to EGLD.
The news of Elrond’s collaboration with the Romanian government seems to have galvanized its token. EGLD has surged by 13% to $231 within 24 hours after the announcement.