Central Retail Corp, a leading retail company in Thailand, is testing a digital currency among its employees. Once the sandbox phase is over, the retail giant plans to expand service to customers and the general public, according to a report by Bloomberg.
C-Coin, a blockchain-powered cryptocurrency, is offered to 80,000 Central Retail Corp employees around the world as a reward for outstanding performance in addition to their regular salary.
While cardholders can use C-Coin to pay for meals and purchase items and services from Central Retail partners who use it, this is only a test project for Central Retail Corp. The company’s long-term goal is to transition to cashless companies and businesses in the e-commerce industry.
According to Kowin Kulruchakorn, chief innovation officer at Central Tech, the currency can be made available to the general public after all employees have signed up and the company has a better understanding of its performance. Central Retail’s Central Tech is the unit that created C-Coin and manages all of Central Retail’s omnichannel and e-commerce systems.
Central Retail Corp is Thailand’s largest mall owner, comprising over 40 high-end department stores and outlets. It also operates Central Festival, Big C Supercenter and Seacon Square. Outside Thailand, she manages the Italian department store La Rinascente, the Danish brand Illum and the Vietnamese supermarket chain Big C.
Central Retail Corp is not the only entity developing a digital currency in Thailand. As reported by Cointelegraph, the Bank of Thailand has announced that it is considering a central bank digital currency. In Q2 2022, the initial digital baht testing phase is expected to begin.