Thailand’s biggest mall chain trials cryptocurrency to its 80,000 employees

Thailand’s largest mall developer, Central Group, has begun distributing its own cryptocurrency to its 80,000 employees on a trial basis with the hope of later expanding its circulation to include customers as well.

When purchasing goods and services from Central Group, one of Thailand’s major conglomerates, the C-Coin, which is based on blockchain technology, can be used as a substitute for cash.

Strong presence in Thailand

Central Retail Corp. (CRC), the group’s publicly traded retail arm, operates more than 2,115 mall branches in various categories around the country, including food, fashion, real estate, and building supplies.

Employees at Central Group are being rewarded depending on their performance using C-Coin, which was developed over two years ago by the company’s Central Tech Innovation Team, according to the company.

For a short period, the coins could only be redeemed at vending machines; however, the program was gradually expanded to include a rising number of shops owned by Central Group over a period of several phases.

Encouraging results

There has been no decision taken as to how and when C-Coin would be made available to Central Group’s consumers. Despite the fact that the trial phase is still ongoing, the company is encouraged by the outcomes it has achieved so far in integrating blockchain technology with the management of its human resources.

Tiang Chirathivat, a founder of the Central Group, established the business in 1927. His grandson, Tos Chirathivat, now leads the company.

The Chirathivat family, which has a net worth of $11.6 billion, was ranked fourth on the list of Thailand’s 50 wealthiest people, which was published in July.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/business/thailands-biggest-mall-chain-trials-cryptocurrency-to-its-80000-employees/