The first payment system in Australia to accept cryptocurrencies is set to roll out on Monday.ABS will accept bitcoin as a payment method and Ether as a form of payment for all its customers, with the first users to use the payment service set to be announced this week.
“The system will be used by the general public, including students, to purchase their textbooks and school supplies and to fund student projects,” the company said.
The system was initially rolled out to users in December last year.
It allows users to buy books and school materials from a bitcoin address and send them through an exchange for the equivalent of one Ether.
Users who have signed up for the service will be able to buy and send books from the platform using a credit or debit card or bank transfer.
They will be charged a small fee for the transaction and will be sent a QR code with the payment details.
Users can then send their books via PayPal, Venmo or similar services.
“We have been in discussions with the Department of Education and Workplace Relations and will make a final decision on when we will be available to users at some point in the future,” the firm said in a statement.
“It is an innovative and innovative approach to payments and it will help ensure that students and teachers have a secure way to purchase books.”
The system, which is designed to help students and educators access textbooks, has the potential to revolutionise the way students learn and access their learning materials, with more people accessing books through digital means.
“This system will allow the public to get the books they need, while enabling students and their teachers to learn by engaging with digital technologies,” the school service provider said.
“While the system is not perfect, it is a step in the right direction for Australia’s education system.”
In an interview with ABC Radio Canberra on Monday, University of Canberra professor of economics Professor Mark Kasten said it was “an incredibly exciting step”.
“It’s a big step forward,” he said.
Professor Kaston said the system would also allow students to access resources online through the ABC, like videos.
“If they’re using a textbook, they can see the video tutorials they can follow,” he explained.
“This is a really exciting step forward for our education system.
There are many ways we can help students learn but I think it’s really important to have this technology at their fingertips.”
Professor Kesten said the move was also “not just about making it easier for people to access books, but also to enable students to explore the online world of learning”.
“Students will have access to books they might otherwise not have, and will also be able explore the wider world of knowledge and explore other sources of information,” he added.
The ABC contacted the Department for Education and the Federal Government for a comment, but did not receive a response by deadline.