Bitcoin

Image via Michael Wuensch/Creative Commons

“I am sure the largest currency used on the black market, for [buying] haram things, is the U.S. dollar. So if the question of a currency being haram is what it is used for, the dollar would be the most haram,” Sabree said. “Just because a tool is used for something haram, doesn’t mean the tool is haram.”

Patrick Foster 6-16-2014

Bitcoin, a digital currency system. Creative Commons image by Francis Storr.

The King’s College, a Christian liberal arts school in New York City, announced on Friday that it has entered into an agreement with Coin.co, making it the first accredited college in the United States to accept Bitcoin for tuition, other expenses, and donations.

The college’s president, Gregory Alan Thornbury, said in a statement, “Allowing Bitcoin to be used to pay for a King’s education decreases our costs while simultaneously allowing our students to be a part of this exciting new technology.”

Coin.co, unlike most credit card companies, does not charge a transaction fee, so using the emerging payment technology could be a money saver. The college’s website lists a cost of $15,950 for 12-18 credit hours.