Collier Co. school district officials and boarding school administrators are set to make money from cryptocurrency.
The Collier Board of Education (CBE) and the Collier High School Board of Trustees will be paid through a cryptocurrency-based fund, the board announced Thursday.
“The CBE is pleased to announce the payment of approximately $1.3 million to CBE board members and board staff in cryptocurrency,” the CBE said in a statement.
The CBT’s board chairman, Jim Kesten, said the school district has set aside $1 million in cryptocurrency for the CBT to cover the costs of the fund.
“As a result of the CBTE’s ongoing commitment to providing financial transparency and accountability, CBT board members, staff and alumni have been able to access the funds in the form of cryptocurrency,” Kestens statement said.
“The CBTE has been a leader in implementing cryptocurrencies in the public school setting and we have seen positive outcomes.”
A spokesperson for the Colliers school district said in an email that CBT employees will receive a “cash bonus” of $2,500 and that board members will receive “a bonus of $1,000.”
The spokesperson added that the school has “zero tolerance” for any student fraud and that the CBTA will continue to monitor and report any suspicious activity.
“While the CBTX is pleased with the CBOT’s decision, we will continue working closely with CBT administrators and the CBTS office to ensure that we implement our financial transparency policies and procedures to ensure the safety of our students and our community,” the spokesperson said.
In September, CBE Superintendent Michael Bierle said CBT would begin accepting cryptocurrency payments for employees and board members.
“We have taken this step to help ensure that our employees are fully compensated for their work, and that we are providing all of our employees with the tools to participate in the Cryptocurrency economy,” Bierl said at the time.
“This means that CBOT will no longer be accepting Bitcoin or any other cryptocurrency.
Bitcoin will continue as a payment option.”