Indian Prime Minister Narendra Modi cheers the crowd during a campaign rally ahead of the Maharashtra state elections in Mumbai, India, Thursday, Oct.9, 2014. (Image credit: AP/Rajanish Kakade)

India is trying to solve its cash crisis with a massive lottery of electronic money

Nearly a month after Indian Prime Minister Narendra Modi announced that 86% of his country's cash would become worthless due to suspicions of rampant illegal activity, the country has devised a digital solution to the widespread shortage of paper money.

Beginning on Christmas Day, the Indian government will hold a daily lottery for anyone who buys into a new system of electronic payments.

The prize amounts vary from roughly $15 to $1,500, culminating in an April 14 draw for more than $1.5 million.

Modi's solution is an attempt to move India into the...Read more...