Thailand

Leading Thai shopping centre developer exploring cryptocurrency rollout

Central Plaza in Chon Buri | Photo via Wikimedia Commons

Thai retailer Central Retail Corp is piloting a digital currency based on blockchain technology, which it is currently rolling out to employees around the world. Bloomberg reports the cryptocurrency, dubbed “C-Coin”, is being distributed to Central’s 80,000 global employees on merit, in addition to their usual compensation, with it able to be used in place of cash at restaurants or to make purchases from partners under the retailer. Central is exploring potential to expand the offering to the public following completion of the sandbox phase.

With the retailer currently assessing the performance of the currency, Central Tech chief innovative officer Kowin Kulruchakorn told Bloomberg reporter that the country plans to “enhance” the C-Coin after using it within the Central network. As to how the tokens would be publicly distributed, along with if they’d be listed or able to be traded, Kowin said plans are yet to be finalised.

“We see a lot of potential for the C-Coin… No matter whether our customers are migrating online or going back to malls offline, we must find the best ways to reach them and create spending.”

Central Retail presides over a portfolio of retail banners throughout Thailand, encompassing over 2,080 brick-and-mortar stores, and has a strong online and omnichannel focus. Its business footprint extends overseas, including interests in Vietnam and Italy.

SOURCE: Bloomberg

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