Thailand’s largest retailing platform, Central Retail Corp., has recently revealed plans to kick start the pilot program for its digital currency, as reported by Bloomberg on Thursday.
The digital currency dubbed “C-Coin”, which is still in its testing phase will first be used by the company’s employees to purchase items in its shopping malls and restaurants, the company noted.
During the testing stage, the digital asset will be distributed to 80,000 of the company’s employees for them to use as means of payment in different shopping malls and restaurants of its partners under Central Retail.
The retail giant noted that it plans to issue the digital currency to its customers in the future depending on its performance.
“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,” head of the innovative office at Central Tech, Kowin Kulruchakorn said.
Furthermore, the company revealed its plans to issue the digital currency to its clients and partners.
Since the currency is still in the testing stage, Kulruchakorn noted that the innovation team at the company wants to make sure there are no issues with the pilot implementation of the digital currency before it can consider distributing it to the public.
“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,” Kulruchakorn said.
Retail Corp., is Thailand’s biggest shopping developer and it operates across different countries including Denmark, Vietnam, and Italy.
Cryptocurrency continues to be close to the mainstream adoption stage. The asset class has reached different industries including sports, music, and now the retail industry.
In Thailand alone, interest in cryptocurrencies had grown so much that the country’s authorities became concerned as crypto trades on licensed exchanges continue to surge.
