Festival Aims to Go Cash-free with Crypto Pay Solutions
The organizers of the Youga Summer Festival, an annual student fair held in Tokyo’s Setagaya Ward, have announced that this year’s event will be crypto-friendly and cash-free – with vendors accepting payment in cryptocurrencies.
The festival organizational committee says it expects upwards of 15,000 people to attend the event, which will be held on August 25 and 26. Patrons, per the organizers will be able to pay for food and drinks in the NEM, Ripple and Monacoin cryptocurrencies.
Vendors will accept payment via the LCNEM Wallet, an NEM wallet that customers can activate and log into using their Google accounts. The wallet, which issues users scannable QR codes, is the brainchild of Yu Kimura – a student at Kyoto University.
The organizers also say that vendors will accept QR code payment via YUME Coin, a blockchain-powered, cryptocurrency-based gift certificate venture pioneered by print manufacturer Oki Electric Industry, in association with fintech startup Zerobill Bank and point exchange and employee welfare provider Benefit One. A special booth at the venue will help users exchange yen for YUME Coin tokens.
The festival’s organizers stated, “We believe that [QR code-powered crypto pay options] will be a big hit. Vendors will benefit from not having to handle cash, and attendees will appreciate the fact that queues are much shorter.”