The university’s 17,000 students will have the option of paying with bitcoin, ethereum, XRP and Dash.

General director Camilo Jimenez Agüero said the institution already has a wallet ready to receive payments, but does not want to activate this until the payment system has been fully integrated into the university site.

It is not yet known what conditions of acceptance will govern the cryptocurrency payments, or which payment system or exchange platform will be used.

The university has also shared that cryptocurrencies will not be converted instantly into other currencies, so the institution could build up a substantial reserve.

But Universidad Americana is not stopping there, since students will also be able to take a course focusing on blockchain technology and cryptocurrencies.

This could serve students well in the future as Paraguay gears up to pass laws in favour of cryptocurrencies, with congressman Carlos Rejala working on draft bills to potentially implement bitcoin as a means of payment throughout the nation.