Thailand’s giant retail company is testing its digital currency

Thailand's giant retail company is testing its digital currency 2

Central Retail Corp. Is testing its own central bank Digital Currency (CBDCs). Later they will allow for public use. 

In the present time, every big tech company is trying their best to integrate blockchain technology to bring its infrastructure to an advanced level. In the latest, one of the companies of Thailand, even not a tech company, entered the blockchain revolution. 

On 28 October, Bloomberg published a report on Central Retail Corp, Thailand’s giant retail company. This company developed its blockchain asset (CBDCs). The name of CBDCs is C-coin. 

C-coin is acting like Stablecoin or we can say act like CBDCs. However here the word CBDCs can’t be used because it is a private stablecoin and has no affiliation with any government authorities, while CBDCs are government authorised digital currency. 

Currently, the company is doing its testing with the help of its own 80,000 employees. Companies distributed C-coin to their employees as a part of the bonus. Now, these employees are using C-coin to purchase services & products at the company’s retail stores across the nation. After all the successful trials, the company will allow their C-coin available for public use with full freedom. 

Korwin Kulruchakorn- chief innovation officer at Central Tech, an arm of Central Retail, stated at the company’ initiative of blockchain adoption and said 

“We’ll be looking to enhance the C-Coin after we have used it within our network. If our employees can use the C-Coin, then our customers should have no problems with it”

The report also indicated that Company is planning to implement the use of C-coin for trading purposes (obviously as a stablecoin). But the company is not sure how they can allow it to be used by the public. Probably the company will go through a regulatory approach to make the use of their C-coin public. 

It is worth noting, here Company is describing its stablecoin as a CBDCs, which is wrong. But probably CBDCs wording may help the company to give regulatory approval for public use. 

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