Bloomberg has reported that Central Retail Corp., the largest developer of shopping centers in Thailand, is launching tests of its own crypto to be used by its staffers in the company's shopping malls and restaurants.
The cryptocurrency that is being tested is called C-Coin, and so far, it is undergoing the sandbox stage.
Thailand's biggest shopping center developer is piloting a digital currency among its employees with plans to expand the offering to customers https://t.co/CCOA74O8hq— Bloomberg Crypto (@crypto) October 28, 2021
C-Coin distributed to 80,000 employees to spend on goods
According to Bloomberg, the sandbox phase is currently underway. While tests are ongoing, C-Coin is being given to the retail giant's 80,000 employees so they can spend it to pay for goods in the numerous shopping malls and restaurants of the company's partners under Central Retail.
As soon as all the company's staffers adopt C-Coin and the company gains substantial data about how it performs in real life, the coin may also be given to average citizens, according to the head of the innovative office at Central Tech, Kowin Kulruchakorn.
The company plans to give C-Coin to its customers later
In an interview, he stated that the company may well start expanding the target audience of C-Coin within the retail giant's network and start giving it to the clients of the company and its partners so they can pay for the goods and services of Central Retail Corp. with it.
The innovation team wants to ensure that there will be no issues using the coin first. The way C-Coin will become available to the public has not yet been decided on. But it may also be listed on exchanges and available for trading, according to Kowin.
Apart from owning and running multiple stores in Thailand, the company owns Italian shopping mall La Rinascente, Danish retailer Illum and Vietnamese Big C supermarket chain.
Kowin believes that C-Coin has great potential for future use cases.