The primary goal is to use Blockchain technology to solve the many inconveniences of the current tax refund process for international travelers using our EBCoin platform. Through our EBCoin Wallet app, we will be providing customers an instant tax refund service, a currency exchange and a convenient payment method solution using our EBC token. Duty-free shopping will finally be hassle-free and rewarding for tourists and merchants alike.

The quality of your international travel experience will be significantly improved by using the convenient EBCoin tax refund system over the traditional systems that are in place. You can be assured of 100% of your refund with no need to wait in long lines at the airport and no need to hold on to paper receipts. For added convenience, ATMs and Kiosks that support EBCoin will also be deployed at major airports around the world. EBCoin will soon be seen as the duty-free shopping currency of choice for international travelers.

First of all, travelers who spend money abroad have to deal with the major inconveniences associated with the current procedures to claim tourist tax refunds. Secondly, excessive fees are charged by agencies who act as an intermediary to provide the so-called tax refund “service”. As a result, travelers have no way to receive the full tax refund they are entitled to. Last, but not least, there is the excessive time and unreasonable fees required for exchanging foreign currency before their departure, since the tax refunds are usually issued in local paper currency.

Firstly, the EBCoin project will directly connect travelers with local customs agencies. Therefore, unnecessary steps will be eliminated, such as having to wait in long lines at the refund counter with paper receipts in hand. Secondly, we plan to decentralize the existing tax refund providers who have monopolized the tax refund industry and charge exorbitant fees. EBCoin will not deduct a brokerage fee, so travelers can get 100% of their tax refund. Further, with the deployment of ATMs and Kiosks optimized for EBCoin, travelers can instantly exchange their refund at any time to their preferred currency before their departure.

EBCoin is backed by KR Partners who have 10 years of experience in providing global Payment Gateway solutions under their brand name EximBay. They have been providing a wide range of services in many countries, including online/offline payments, dynamic currency conversion, and messenger based payment services for apps and barcodes. EximBay already has a vast network of merchants in their client base and with their established infrastructure, the EBCoin team can respond promptly to the needs of global travelers.

The EBCoin solution is not limited to any specific country, however, the largest tourist consumer market is currently from China. Therefore, in our approach, priority will be given to the importance of the Chinese traveler in the tourism industry. Japan and Europe are also target markets we consider a high priority. The regulatory climate toward cryptocurrency in China will have little effect on the value that EBCoin will offer. In this case, our EBC tokens will be used only as a utility token to receive the value of the tax refund in the traveler’s EBCoin Wallet while traveling abroad. From there it can be converted easily into the required paper currency using our ATMs or a Foreign Exchange Kiosk before returning home.

In short, yes. The versatility of the EBCoin as an ERC20 token enables its use as spendable currency itself. That means that EBC can be used as a payment method for purchases at participating merchants in any country, as the token will have a representative market value in FIAT currencies as well. (For more information, please see our white paper). For that reason, we are working with all the duty-free shops who are currently part of our vast network to accept EBCoin as a method of payment at the point-of-sale. For example, if a customer received a tax refund in their EBC Wallet while visiting Korea, at a later point while traveling in Singapore, they can now use EBC at the duty-free merchant in Changi airport to pay for their purchases. This highlights the valuable role that EBC tokens will play, both in exchanging cryptocurrency and FIAT currency.

Firstly, we see no place for existing tax refund companies in the EBCoin ecosystem. Therefore, partnership discussions with them are unnecessary, as we will effectively be their main competitors. Customers will be free to choose either an existing tax refund method or to use our vastly superior EBC based tax refund system. The focus of our future partnerships will be distribution companies who have an existing customer base for EBCoin, eg. travel agencies and telecommunication companies. We are also working hard to leverage existing partnerships that we have developed over the years as a leading global payment service provider.

EBCoin will follow the same procedure as existing tax refund agencies who secured existing lease contracts with airport authorities. Securing and funding lease contracts and equipment for Kiosks and ATM locations will be underwritten by the stakeholders who stand to benefit from the EBCoin platform. Other than the EBC Foundation itself, the other main beneficiaries would be government entities, such as airports, national tax administration agencies and tourism agencies, as well as operators of exchanges. We are engaging directly with each of these beneficiaries to engage them as stakeholders in our project to establish and secure the future of the EBCoin infrastructure.
Specific benefits to each stakeholder will be:

  • Airports: Wait times are greatly reduced, efficiency is increased, thereby improving airport utilization and customer satisfaction.
  • Customs, National Tax Administration: Tax administration process becomes transparent. Overhead costs are reduced by using an automated, digitized system.
  • Tourist Office: Helps to revitalize tourism by improving the value offering of a destination for tourists. Tax refund programs are fully utilized by issuing full refunds to more travelers.
  • Exchange Operators: Increased income opportunity with greater transaction volume as a result of EBCoin customers.

The tax refund process itself will not be a source of revenue for EBCoin, as no brokerage or processing fees will be charged to customers for these transactions. Instead, revenue will be generated when payments and exchanges are made between EBC and FIAT currencies, as well as other cryptocurrencies. Resulting profits will be invested in technology development, infrastructure investment and marketing. As the value of EBC usage increases, demand will increase and the market value of EBC will increase simultaneously. EBC Foundation will continue to fund operations through crowd sale fundraising and the periodic, controlled sale of the remaining reserve of EBC tokens on the open market. If a greater revenue stream is required in the future to continue funding the EBC ecosystem, the introduction of fractional transaction fees can be considered.

The primary role of EBC Foundation is to facilitate the implementation and expansion of the EBCoin tax refund service to the global market. This includes engaging and negotiating with government agencies and airport authorities around the world. We will also select operators of foreign currency exchanges to be part of our network to expand the convenience of our service offering. This will also provide an increased transaction volume and revenue stream for these operators by offering an EBC to FIAT exchange service. We will further support FOREX operators by assisting them to expand their operations by opening additional kiosks in airports around the world. EBC Foundation will also focus on expanding their merchant network and implement promotional programs for their customers when using EBC as their preferred payment method.

For merchants, the time consuming and complex settlement process of existing tax refund systems will be fully automated. Processing fees for the duty-free transaction will also be greatly reduced, making it more affordable for merchants to introduce tax-free shopping, which in turn attracts more tourists. The more customers request EBC as an option, the more likely merchants will be to offer the refund service using EBC. However, it will be necessary to provide promotional incentives to merchants in order to expand the initial market base.

1. Foundation: Securing investment resources by creating additional demand from the introduction of tax refund in each country and raising the value of coin demand. Furthermore, securing additional resources by introducing transaction fees.

2. EBCoin listed Currency Exchange: Securing its own fellow countrymen as members of the exchange. Creating new opportunities to generate additional revenue through securing the fee for exchange from members and other coin transactions.

3. Infrastructure investment in airports in each nation: Based on EBC Foundation, we utilize investment source of foundation and the secured resources from EBCoin exchange.

*Primarily, the transaction fee is imposed on the transactions that occur in the exchange linked to our tax refund app. If the transaction fee is expensive than the network transfer fee, our own blockchain network will be introduced.