Blockchain to revolutionize tourist tax refund market

From this article you will learn how EBCoin provides a solution for tax refund market for tourism
30 November 2017   3214

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.

EBCoin Wallet

To make EBCoin’s tax refund, payment and currency exchange functions easier, the EBCoin wallet will be created and distributed in the form of e-wallet. The wallet will be provided to SDK for Android and iPhone, which is easy to use likewise global shopping applications. If the user installs only an electronic wallet in the form of SDK, various services, such as remittance and electronic payment using EBCoin will be available.

EBCoin wallet structureEBCoin Wallet principles of work

Wallet will contain all procedures for tax refund and the beta version of the wallet for ICO will be released in December.

EBCoin Service

Tax Refund

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. This is the what tax refund is. Currently, 34 countries are operating the regime of tax refund and among of them, 28 nations are belonging to the European Region. The EBCoin project is based on dApp and the targets are foreign tourists, duty free shops and customs.

Currency Exchange

EBCoin is designed to deal with difficulties of exchanging money in various countries with EBCoin. If customers want to exchange their own currency before departure, they can exchange the money at the KIOSK that is deployed at airports in each country. Travelers could access kiosk through EBCoin App. Starting with EBCoin, other currencies, such as Bitcoin, Ethereum, USD, YEN and WON are also available to exchange and withdraw the money.

EBCoin Tokensale Information

Total token supply: 1,500,000,000 EBC
Accepted currency: ETH
ICO Round: Pre-sale, Crowd-sale (ICO), TBD (3 times in total)

Pre-sale (15% of Bonus)
Start: December 7, 2017 
End: January 7, 2018 
Token exchange rate: 1 ETH = 3,450 EBC
Invest amount: 1 ETH ~ 100 ETH

Crowd-sale (ICO)
Start: January 9, 2018 
ICO End: January 30, 2018 
Token exchange rate: 1 ETH = 3,000 EBC
Invest amount: 1 ETH ~ 1,000 ETH

EBCoin token allocationEBCoin Token Allocation and Distribution of Profit

EBCoin Benefits

  • EBCoin will revolutionize the $60B a year duty free/tax refund market for tourism.
  • EBCoin is an ERC20 token standardized on Ethereum blockchain, and a complete eWallet solution
  • Consumers receive their refunds instantaneously and can then use their proceeds as a digital currency
  • Transparency of tax refunds resulting in greater efficiencies for tax authorities
  • Reduced costs for retailers 
  • EBCoin will drive higher tourism spend at participating duty free shops, and ultimately, the EBCoin itself aims to become a store of value and payment

EBCoin Advisors

  • J. Michael Bradley - most recently Managing Director Asia Pacific for CyberSource and Vice President, at Visa Inc., currently an Advisor to several FinTech ventures, including OmiseGo and serves as Chief Commercial Officer for Omise
  • Mike Templeman - CEO of Foxtail Marketing, a digital-content marketing firm specializing in B2B SaaS


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Bermuda to Issue First ICO License

The first 'official' ICO that will be held at Bermuda is Uulala
19 October 2018   36

Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.

In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.

The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.

The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.

We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.

Oscar Garcia

CEO, Uulala

The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.