The Central Bank of Canada and the Central Bank of Zimbabwe may become the latest countries starting to put Digital Currency seriously. Implementation may occur shortly, especially after the two countries' recent conversations.

A press release from the Bank of Canada stated that Canadians have until June 19 to provide feedback on the digital dollar that will be developed. Concerns provided by citizens will be issued to CBDC Canada.

Meanwhile, the Reserve Bank of Zimbabwe has also confirmed the issuance of gold-backed digital currency to provide investors with a way to make transactions. Last week, the bank said fractionalization is a platform to save, invest and transact in gold in Zimbabwe.

Zimbabwe's central bank announced that it would start issuing a currency to expand the value-preserving instruments in the economy. This will also enhance the divisibility of investment instruments so that it will help widen their access and usage to the public without difficulty.

Zimbabwe Launches Gold-Backed Digital Currency to Replace US Dollar

Offers are provided to allow purchasing digital tokens backed by physical gold from commercial banks, societies, and savings banks. This makes it accessible to individuals, financial institutions, corporates, and other entities.

Meanwhile, the characteristic of this currency is the pricing model, which is based on the standard international gold price. The original objective of providing this is as an investment asset for citizens, including maintaining the value of their savings, including payments.

Zimbabwe has long struggled with currency depreciation and exchange rate volatility. So the central bank initially conceived the digital gold tokens to store the value. However, the Central Bank has also confirmed that this is tradable for person-to-person transactions.

Not only that, but the central bank guarantees that it will be capable of Person to Business transactions and settlements. With payments like this, it will help the central bank to defend the currency exchange rate.

The Reserve Bank of Zimbabwe is also moving to increase the divisibility of the investment instrument. Launching this digital currency will widen the obsolete and access for the public. Various phases will also be carried out to support digital tokens to be more effective in usage.

The development is in the first phase and has started to be used. These tokens will go through a transition and trial period of 180 days. However, this will all be done under the banking system, so it will not significantly affect the trading value of gold.

The Bank of Canada is Still Seeking Public Input for Canadian Dollar Digital Development

Meanwhile, the Bank of Canada has started requesting comments from the public on features and details that must be included in the digital Canadian dollar. And the central bank said that this is only partially needed so that the flow is adjusted to the needs of the public.

"The way Canadians pay for everything from the daily necessities is to support major purchases. And this has evolved rapidly. But the world is becoming increasingly digital, like other central banks, so there will be Canadians," said Canadian officials.

The Bank of Canada seeks opinions on specific topics, starting from how people would likely use a digital Canadian dollar. And don't forget; essential features will also be used as unique feedback because the concerns for accessibility and privacy are massive.

The Central Bank determines that cash is not going anywhere; this is only limited to public consultation so that the central bank can develop this digital currency. The Bank of Canada said this digital payment option would be official, safe, and stable for public use.

The digital currencies of central banks is now becoming more prevalent. The demographic of digital currency is much bigger than cash again. Most recently, the Bank of Canada and the Reserve Bank of Zimbabwe initiated a decision to develop this currency.