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

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Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned. Instead of canceling, they are working to limit close contact between attendees through the introduction of new technologies. 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 Nov. 19 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 drinks 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.

According to the announcement, MYST token is intended to eliminate the need for paper money, resulting in a smoother and 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. “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. “Then they will get a cash or wire transfer refund,” the person added.

Alongside providing a cashless payment system, Mystic Valley also allows attendees to buy their tickets with major cryptocurrencies like Bitcoin (BTC), Ether (ETH), and stablecoin Tether (USDT), the announcement notes.

The music industry has been closely tied with crypto in recent years. Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October 2020. In late September, French DJ David Guetta secured a deal with crypto-focused virtual reality platform Sensorium Galaxy.



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DMCC strikes deal to build blockchain-based precious metals refinery in Dubai

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Dubai Multi Commodities Centre — a free trade zone established by the Dubai Government — has signed a sale and purchase agreement with REIT Development to construct a 100,000 square foot precious metals refinery.

According to a DMCC release on Wednesday, the precious metal refinery and storage facility will be the largest in the Gulf Cooperation Council and will reportedly be powered by blockchain technology.

Located in the high brow Jumeirah Lake Towers area, the facility will refine and store precious metals like gold, silver, rhodium, palladium and platinum among others.

These precious metals will also provide backing for asset-collateralized stablecoins like GoldCoin, SilverCoin, RhodiumCoin, PalladiumCoin and PlatinumCoin, to mention a few.

The stablecoins will run on the Ethereum network and will reportedly be pegged to the current value of one gram of the corresponding precious metal.

According to the announcement, the precious metals-backed stablecoins will be available for trading on the DMCC’s gold exchange platform.

Construction work on the proposed facility is scheduled to be completed before the end of 2022 with the DMCC stating that the complex will further strengthen its position in the global precious metal markets.

According to Mike De Vries, chief operation officer REIT Development, blockchain will disrupt the precious metals industry, adding:

“Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades […] We believe that by 2025 every precious metals refinery and storage facility will be in the blockchain.”

REIT Development’s planned blockchain-based precious metal refinery in the JLT area is the latest example of the broad-based adoption of the novel technology in Dubai and the United Arab Emirates.

Earlier in April, Cointelegraph reported that the city’s economic department was looking to deploy its corporate Know Your Customer project to cover the entire UAE.