Central Retail Corp., a major Thai retail company, has announced a test of its virtual currency “C-Coin.”
Central Retail Corp., a leading firm in Thailand’s retail industry, is testing a digital currency among its employees. After the sandbox phase is finished, the retail giant plans to extend the service to customers and the general public, according to a report by Bloomberg.
The “C-Coin,” a blockchain-powered cryptocurrency, is being offered to 80,000 Central Retail Corp employees around the world as a reward for exceptional performance as a bonus to their usual salary.
While holders can use C-Coin to pay for meals and buy items and services from Central Retail’s partners using it, this is just a test project for Central Retail Corp. The long-term objective of the firm is to transition towards cashless societies and venture into the e-commerce industry.
According to Kowin Kulruchakorn, Central Tech’s chief innovation officer, the currency may be made available to the general public once all employees have signed up and the firm understands more about its performance. Central Retail’s Central Tech is the unit that created the C-Coin and manages all of CRC’s omnichannel and e-commerce systems.
Central Retail Corp is Thailand’s biggest shopping mall owner, comprising more than 40 department stores and high-end retail outlets. It also operates Central Festival, Big C Supercenter and Seacon Square. Outside Thailand, it runs the Italian department store La Rinascente, Danish brand Illum, and Vietnam’s Big C supermarket chain.
Central Retail Corp. is not the only entity developing a digital currency in Thailand. As reported by Cointelegraph, the Bank of Thailand announced that it is considering a central bank digital currency. In Q2 2022, the initial testing phase for the digital baht is set to commence.