Thailand’s Biggest Shopping Mall Testing Crypto for Internal Transactions

Thailand’s retail company, Central Retail Corporation is testing a cryptocurrency ‘C-coin’ among its employees
Thailand’s Biggest Shopping Mall Testing Crypto for Internal Transactions

In Brief:

  • Central Retail Corporation is piloting virtual tokens by distributing them among employees
  • In the initial phase, the company will allocate tokens to 80,000 worldwide employees
  • The company is planning to extend its reach to its customer and the general public

Leading retail industry and shopping center developer in Thailand, Central Retail Corp has revealed pilot testing of crypto among its employees. After this successful testing, the firm is planning to extend the services to customers.

For this, Central Retail Corp has chosen ‘C-coin’, which is based on blockchain like other cryptocurrencies such as Bitcoin, Ethereum, and so on. In the initial phase, C-coins are being distributed among its 80,000 employees worldwide as a performance incentive.

One can pay for meals and buy items and services from Central Retail’s partners using C-coin. This limited transaction will be just for testing purposes. The long-term goal of this firm is to develop cashless societies and venture into the e-commerce industry.

Central Tech’s chief innovation officer, Kowin Kulruchakorn stated that the currency may be available for the customers and general public after all its employees get access to C-coin as the company wants to understand the performance.

“We’ll be looking to enhance the C-Coin after we have used it within our network,” Kowin said in an interview. “If our employees are able to use the C-Coin, then our customers should have no problems with it.” 

As blockchain technology stepped into every country, South African Reserve Bank started research on Retail-focused Digital Currency.

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