Central Retail Corp is a major retail firm in Thailand and has recently announced that it is testing a virtual currency among its employees. When this trial phase ends, the retail firm is planning to expand the scope of the digital currency to include its customers and the public. This was reported by Bloomberg on the plans by Central Retail Corp to expand its operations.
C-Coin as a Reward For Employees
The leading Thai retail firm, Central Retail Corp, is offering a blockchain-powered cryptocurrency, the C-Coin, to its employees all over the world. This cryptocurrency will be used as a reward for a great performance by employees and as a bonus in addition to the usual salary. While the employees will be paid their main salary through the conventional route, the retail firm will be experimenting with C-Coin on the bonus of the employees.
Owners of this C-Coin will be able to buy food and other items from partners of Central Retail using it and also they can pay for services with the coin. While this is currently a test project for the retail firm, the future objective of Central Retail Corp is to move to a cashless system of operation and eventually join the e-commerce business.
C-Coin to be Released to the General Public
Kowin Kulruchakorn revealed that the C-Coin may be released to the general populace after all the employees of Central Retail Corp have signed up for it and the company has good knowledge of the performance of the coin. Kowin Kulruchakorn is the chief innovation officer of Central Tech which is the unit of Central Retail Corp that created the C-Coin and is also responsible for the e-commerce system of the firm.
The largest shopping mall owner in Thailand is Central Retail Corp and the firm has over 40 department stores and retail outlets that are high end. The firm operates a lot of stores and outlets both within and outside Thailand and they cater to a wide range of customers.
Other entities in Thailand are developing their digital currency aside from Central Retail Corp. It has been reported that the Bank of Thailand is considering creating a central bank digital currency. The central bank is already taking steps to develop its own central bank digital currency. The first phase which will involve testing the proposed digital bath will start in the second quarter of next year.