The city of Burlington will be the first Canadian city to implement a cashless electronic payment system, officials said on Tuesday.
The city will roll out a digital currency known as Bitcoin as a way to increase revenue for businesses, city officials said in a statement.
Burlington is the first city in Canada to roll out an electronic cashless system, according to Mayor Brad Wall.
Burlington Mayor Brad Scott said in the statement that Burlington is the latest Canadian city that has been approached by a major financial services company about adopting an electronic payment technology.
“We are excited to work with Bitcoin to support Burlington’s business community and increase the value of our city’s assets and businesses,” he said.
In April, Burlington officials said they were working with the financial services giant to develop an electronic-only payment system.
A pilot project began in April with 10 local businesses participating in a test program, including a hardware store.
The new system is expected to be rolled out to all of Burlington’s businesses by July.
The Burlington Police Department said the pilot project included some retail businesses and other commercial businesses.
The program was approved by the city’s planning committee and approved by council on Wednesday.
The city also is exploring using Bitcoin for the citywide payment system as part of its Digital Asset Program, according the statement.
The city will work with bitcoin-based financial services companies to develop a digital wallet that allows citizens to make cashless payments.
Burton will begin issuing digital currency by July and will start accepting bitcoin payments at the end of August, officials added.