The cancellation was confirmed in a letter sent to National Federations by the world governing body's secretary general Hoss Rafaty. 

"This letter is to regretfully inform you that the 1st WTF World Taekwondo Beach Championships, Bali, Indonesia on July 23 to 24 is being cancelled," he wrote.

"Like you, we were very excited about the very first championships and were in the final stages of our preparation. 

"However, [the] financial situation of [the] Organising Committee in Bali, Indonesia forced us to cancel the Championships.

"We will find another hosting member national association in the first half of next year and as soon as the venue and dates are finalised, we will dispatch your invitation.

"We apologise for any inconvenience and hope that you will understand our circumstances."

The Beach Championships, consisting only of poomsae demonstration-style events, had been billed as an innovative way to boost the profile of the sport.

Men were due to wear sleeveless shirts, with women competing in tank tops.

It was envisaged as a way to advertise the discipline with an eye to inaugural in the first Association of National Olympic Committees World Beach Games, due to be held in San Diego in September 2017.

The event in Bali had originally been due to take place in June, but was pushed back to avoid a clash with the Muslim holy month Ramadan.