Universidad Americana, a private university in Paraguay, has just announced that it will begin accepting cryptocurrencies as payment starting in August.

Founded in 1997, the University’s main campus is in Asunción, Paraguay’s capital, and it has branches in Ciudad del Este and Encarnación. It also offers several courses focused on blockchain and cryptocurrencies.

According to the university’s general manager Jiménez Agüero, the university, which has over 17,000 students, 60% of whom studies virtually, will enable bitcoin, ether, dash and XRP as payments for its tuition fees.

General Manager Jiménez Agüero also told Coindesk that while the university’s crypto wallet is ready to receive payments, it will not activate the wallet until the fall term begins. For crypto payments received, it will also not be converted immediately into fiat.

“The challenge is to expand the adoption of crypto and migrate to more efficient payment channels,” Jiménez Agüero told Coindesk.  

Jimenez also believes that eventually all industries in the country will accept crypto.

Also Read: Cryptocurrency Adoption Curve Is The Fastest In Human History