The Virtual Currency of Thailand’s Biggest Department Store Chain

With a population of over 65 million people, Thailand is the perfect case study for how cryptocurrency can be used in a country. The government has been very supportive and it’s only going to get bigger from here.

The “department store” is the biggest department store chain in Thailand. The company has recently announced that it will be accepting Bitcoin, Ethereum, and other cryptocurrencies as payment for goods.

Central Retail Corp, Thailand’s largest department store chain, has introduced C-Coin, its own cryptocurrency, which is now in beta testing. Employees from the firm may be located all around the globe, not only in Thailand. They are one of the first to acquire access to the new crypto currency, with an estimated 80,000 employees.

The first step is to conduct internal testing.

Employees are being encouraged to utilize it by the firm. C-Coin is currently solely intended for internal usage, but keep up to date on cryptocurrency news so you’ll be the first to know when consumers and the general public will be able to get their hands on it. According to the corporation, this is the plan, and a public release will occur at a later date. However, before releasing the new coin to the general public, the team will give it a test run to iron out any possible problems or snags.

C-Coin is a project aimed at promoting cashless transactions.

So, what makes C-Coin unique? Central Retail Corp has been exploring for methods to give an alternative to cash transactions for the most part. Cashless transactions are still on the rise, according to the latest figures. Because a seamless and problem-free launch is still a key priority, the business plans to test it internally first, then release it to the public if no known difficulties remain. In any case, the goal is to make their employees comfortable using C-Coin, with the assumption that once they are, their customers would have no issue doing so as well.

Spending without cash is the way of the future.

The release’s specifics are still being worked out.

There are a few crucial issues to be answered before a public release is considered. First and foremost, as Kowin Kulruchakorn, chief innovation officer of Central Tech, Central Retail Corp’s tech subsidiary, pointed out, the specific manner of distributing C-Coin to the general public remains an unresolved subject. This department is also in charge of the company’s various sales channels and eCommerce platforms. Their creative minds are toying with the idea of listing it or making it tradeable, but nothing has been decided as of yet.

The original internal release plan emphasizes performance rewards.

The aim is to give out the new crypto currency as a prize for good job performance, incentivizing people to give it their all at work. It should be noted that this is in addition to their usual compensation from Central Retail Corp. It may be exchanged for items and services accessible in Central Retail’s outlets, including restaurant meals, by worthy beneficiaries. The department store chain is also collaborating with other businesses who accept C-Coin as a payment method.

The use of blockchain technology to produce and enable spending

The long-term objective is to gradually move away from cash-based payments and replace them with a virtual currency. Kulruchakorn feels that, in the future, the greatest method is to reach out to consumers and encourage them to spend, whether online or in a conventional retail environment. In this context, he believes that blockchain technology is the solution-driving potential.

Central Retail Corporation operates all over the globe.

Thailand’s Central Retail Corp is the country’s largest department store chain, with over 2000 domestically controlled outlets. High-end retail locations, in addition to department shops, are a component of its worldwide business. Its Big C grocery chain in Vietnam, La Rinascente department store in Italy, and Illum department store in Denmark are all well-known beyond the country’s boundaries. With a 70% stake in the corporation, the Chirathivat family is the one pulling the strings.

Related Tags

• thai baht
• high end department stores
• baht