Thailand malls will introduce crypto payment with its native token C-Coin

Central Retail Corp., Thailand’s malls giant, has announced that it will incorporate its digital currency “C-Coin” to replace the fiat currency to make payments on Central’s partners’ stores to buy goods and services and eat outlets.

Notably, the use of native tokens is still limited to employees at Central Retail. However, the organization said that it is aiming to expand the offering to the customers really soon.

C-Coin is developed on the blockchain network and is currently under the distribution phase, distributing amongst 80,000 employees globally.

The company asserted that currently, it is focusing on launching the pilot. It said that it is learning more about the crypto token’s adoption and functionalities. This will expand its utility to the general customer to achieve even better results. 

Kowin Kulruchakorn, the Chief Innovation Officer of Central Tech, a subunit of the retail giant and inventor of C-Coin, confirmed the situation. 

As per Bloomberg, the CEO stated, “We’re looking to expand the C-Coin after we use it within our network…If our employees can use the C-Coin, then our consumers should have no issues with it…We see a lot of possibilities for the C-Coin. No matter whether our customers are shifting online or coming back to malls offline, there is a strong need for us to find splendid ways to reach them and develop spending…There are a variety of opportunities that blockchain technology can bring.”

Is private crypto by malls becoming a new trend?

Many crypto industry experts are saying that these types of private crypto by malls might become a trend to promote their products and franchisees. Also, as TheCoinRise reported on October 11, Mesut Özil, ex-Arsenal superstar, declared that he is launching a private crypto token to promote its clothing brand, M10Streetwear. 

Kulruchakorn, however, did not provide any information about the C-Coin’s distribution process among customers. Also, he didn’t give any clue on the listing and trading availability of the native coin.