Mystic Valley To Issue Its Own Token For Cashless Payments During Its Upcoming Three-Day Event
Mystic Valley To Issue Its Own Token For Cashless Payments During Its Upcoming Three-Day Event
November 21, 2020
Mystic Valley To Issue Its Own Token For Cashless Payments During Its Upcoming Three-Day Event
Mystic Valley To Issue Its Own Token For Cashless Payments During Its Upcoming Three-Day Event
November 21, 2020

Mystic Valley, one of the largest music festivals in Thailand, will be issuing its own token for cashless payments during its upcoming three-day event.

It has been reported that Mystic Valley organizers partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token, MYST.

However, the new token is designed to provide all financial transactions at the festival including payments made to food and drink vendors and merchandisers, as the event is scheduled to run from November 27 to November 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.

The report said that MYST is intended to eliminate the need for paper money, resulting in a smoother, safer experience for attendees and vendors.

The new cashless payment system is also expected to reduce costly fees charged by major point-of-sale systems.

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The report stated:

“Network’s $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at [a] fraction of the cost.”

Likewise, a spokesperson for the event said that users will be able to exchange the unused amount of MYST tokens for fiat.

The person added:

“Then they will get a cash or wire transfer refund.”

Thus, the report further stated alongside providing a cashless payment system, Mystic Valley also allows attendees to buy their tickets with major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and the stablecoin Tether (USDT).

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.