Thailand Department Store Chain Is Testing Its Own Cryptocurrency
Posted by : Crypstarter Team
Category : Blog, news
The blockchain-based “C-Coin” is being distributed to Central Retail Corp.’s 80,000 employees.
Central Retail Corp, a major retailer in Thailand, is experimenting with a digital currency among its employees. According to a Bloomberg report, once the sandbox phase is completed, the retail giant plans to expand the service to customers and the general public.
The “C-Coin,” a blockchain-based cryptocurrency, is being offered to 80,000 Central Retail Corp employees around the world as a bonus to their regular income as a reward for great performance.
While C-Coin holders can use it to pay for meals and purchase items & services from Central Retail’s partners, this is simply a pilot initiative for the company. The company’s long-term goal is to move to cashless societies and enter the e-commerce market.
According to Kowin Kulruchakorn, Central Tech’s chief innovation officer, the currency could be made available to the general public once all employees have signed up and the company has gained a better understanding of its performance. The C-Coin was established by Central Retail’s Central Tech, which also administers all of the company’s omnichannel and e-commerce technologies.
Central Retail Corp owns more than 40 department stores and high-end retail outlets in Thailand, making it the country’s largest shopping complex owner. Central Festival, Big C Supercenter, and Seacon Square are also under its control. It owns the Italian department store La Rinascente, the Danish brand Illum, and the Vietnamese supermarket chain Big C.
In Thailand, Central Retail Corp isn’t the only company working on a digital money. The Bank of Thailand indicated it was exploring a central bank digital currency, according to Cointelegraph. The initial testing phase for the digital baht is planned to begin in Q2 2022.