In spite of the ongoing COVID-19 pandemic, some global events have chosen to go forward as planned. Instead of canceling, they are trying to limit close contact between attendees through the introduction of new technologies.
One of the solutions is a cashless payment system powered by blockchain.
According to cointelegraph, Mystic Valley, one the largest music festivals in Thailand, will be issuing its own token for cashless payments during its upcoming three-day event.
According to a Thursday announcement, Mystic Valley organizers partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token, MYST.
The new token aims to provide all financial transactions at the festival including payments made to food and drink vendors. The event is planned to run from Nov. 27 to Nov. 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
According to the announcement, MYST is planned to eliminate the need for paper money, resulting in a safer experience for attendees and vendors.
The new cashless payment system is expected to reduce costly fees charged by major point-of-sale systems.
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).
