Blockchain to revolutionize tourist tax refund market
The global tourism industry has grown steadily over the past decade. Tax refund means when a tourist buys a VAT inclusive product during their travel period, and returns to his or her home without using it, they can get a certain amount of VAT from their purchased products. The problem is that the procedure is complicated and cumbersome, which is causing great inconvenience to travelers, even though the effect and demand for the refund are significant. EBCoin is a cryptocurrency devised to solve problems of many discomforts travelers are faced with.
What is EBCoin?
EBCoin is a registered Singaporean company and is advised by RHTLaw Taylor Wessing LLP, a global legal and advisory firm with representation across 41 offices in Asia, the Middle East, Europe and the United States via the Taylor Wessing network and ASEAM Plus Group. The EBCOIN Project aims at improving the inconvenient refund process at various stages and there will be no need to keep receipts in the form of paper through the digitization of all refund procedures, and no need to wait for a long time to request tax refund. EBCoin is an ERC20 token that is standardized on Ethereum blockchain and is compatible with any applications that uses the same standard. EBCoin is a solution for applying tax refund, foreign currency exchange, payment service on blockchain for potential travelers all around the world.
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