JAMAICA — Canada is about to become the world’s fastest growing country in the use of a new currency code translator.
The Canadian International Development Agency (CIDA) is using the new language, called HEX, to translate the currency code of nearly all the country’s bills and coins.
“I think the idea is that it will be easier for the public to understand what’s going on, because it’s much more legible,” CIDA deputy minister David LeBlanc told reporters.
HEX translates to “one” in Japanese, which means the HEX code is one of the eight basic currencies that can be used to buy or sell anything.
CIDA says the new currency is “a major leap forward” for the country and will help “build a more resilient economy.”
Canada will use HEX to print about $100 billion worth of paper bills in the coming year, CIDA said in a news release Tuesday.
The country already uses HEX for its banknotes, and the new coin has a lower value, but it is still used in the country, Cida said.
In addition to the bills and currency, CIDA has created a database that can show which bills are issued by each province and territory and how much each bill costs.
It’s not yet clear how the currency is being used.
Canadian Prime Minister Justin Trudeau is also using the HXN currency code, and said the currency will help Canada become more international, which he said is “important to us.”
Canada has about $7 trillion in paper money in circulation, and there are about 100 million HEX bills in circulation.
Follow the money: Canadian coins: Royal Canadian Mint: $1,500, $20, $50, $100, $250, $500, and $1000 coins.
Canadian dollars: $20.50, 20.99, 25.99 and 30.99 Canadian cents: $.99.50 Canadian francs: $0.00, 0.1, 0, 0 and 0.01 Canadian dimes: $6.50 and $9.99 United States coins: $10.00 and $19.99 dollars and cents British pounds: $4.50 ($4.60 for each pound), $6 ($7.00 for each ounce), $10 ($12.00) Canadian dollar: $2.30 ($2.40 for each Canadian cent) and $5.00 ($6.00 each pound) British pounds sterling: $3.80 ($3.90 for each British pound) and £1.50 (each) German marks: €1.10, €1 (for each mark) and €1 ($1.30) Norwegian krone: $8.50 Norwegian kroner: $7.50 Swiss francs, denominated in Euros: $5 ($6) and the Swedish krona: $12.50 American coins: gold, silver, copper, platinum, palladium, lead and zinc coins: 50 U.S. coins: 5 U.K. coins (silver, copper): 4 U.A.E. coins, and 1 Euro coin (all of which are in copper): 1 U.N. coin: 1 U-coin.
Source: CBC News