Central Group, the biggest shopping mall developer in Thailand, has begun to distribute its own cryptocurrency to its 80,000 employees on a trial basis with the aim of later expanding the coin’s circulation to include customers as well.
The C-Coin, which is based on blockchain technology, can be used as a substitute for cash to buy products and services at various businesses belonging to Central Group, one of the largest conglomerates in Thailand. The group’s publicly listed retail subsidiary, Central Retail Corp. (CRC), has more than 2,115 stores spanning food, fashion, property and building materials across the country.
Central Group said C-Coin was created almost two years ago by its Central Tech Innovation Team and is currently being used to reward employees based on their performance. Initially, the coins could be redeemed at vending machines but the program was later expanded to include a growing number of shops under Central Group in several phases.
Central Group has not yet decided how and when C-Coin might be made available to its customers. The trial phase is still in progress, but the company is encouraged by the results it achieved so far integrating blockchain technology with the management of its human resources.
Central Group is led by Tos Chirathivat, grandson of the group’s founder, Tiang Chirathivat, who first established the business back in 1927. With a net worth of $11.6 billion, the Chirathivat family ranked No. 4 on the list of Thailand’s 50 Richest that was published in July.