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.
#altcoins is where the gains will be made. — David Gokhshtein (@davidgokhshtein) November 19, 2020
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.
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).