Thai music festival to use its own token for a cashless event

Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned.

One such solution involves a cashless payment system powered by blockchain.

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 is designed to provide all financial transactions at the festival including payments made to food and drink vendors and merchandisers.

The event is scheduled to run from Nov. 27 to Nov. 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.

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

"Network's $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at [a] fraction of the cost," the announcement notes.

A spokesperson for the event told Cointelegraph that users will be able to exchange the unused amount of MYST tokens for fiat.

Alongside providing a cashless payment system, Mystic Valley also allows attendees to buy their tickets with major cryptocurrencies such as Bitcoin.

Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October.