The Indian government has introduced a bitcoin-based cashless payment system that it hopes will allow its citizens to make cashless transactions at banks, ATMs, ATMS outlets and ATMs and even through the internet.
The government, in a bid to reduce cash outages, has also introduced a virtual currency called Bly, which can be used to buy bitcoin and other digital assets from a virtual market.
The announcement on Monday, by the National Payments Corporation of India (NPCI), comes at a time when the government is grappling with the challenges of cashless payments as the economy slows.
The National Payments Council (NPD) has warned that a cashless future is “imminent” and is now considering how to best implement the government’s digital cash scheme.
It has said it will not release details of the new payment system until it has received the first data from banks on the digital payments.
The NPCI is launching the Digital Cash Network, a virtual payment platform that will enable people to make payments with bitcoin and others digital assets on a platform run by the NPCI, the Reserve Bank of India and the Reserve Banks of India.
The central government hopes to reduce outages and the cost of transactions by implementing digital cash by 2020, but the project has been criticised by critics for being too limited and for allowing a small number of digital wallet providers to be in the system.
The system, which is being developed by the central government, is designed to be used by the public and will be open to anyone who has a bank account with the NPCA, NPCI or RBI.
The payments will be processed through a payment gateway that will connect the payments with banks.
The NPCI and RBI have been working closely on the new digital cash system, but this is the first time it has officially launched a project.
The project has received support from the National Innovation Policy Institute (NIPI), which is a government-run body that has funded the development of the digital cash platform.
It will run a pilot programme for three months starting from December 2017.
A similar pilot was also launched in October this year, and in December last year, the NIPI announced that it was also working on a pilot project.
The NIP I has also been working on ways to make digital payments more secure.
The first digital payments to be implemented under the pilot project were made on October 20 last year.
The scheme, which the NPCIs website describes as a “digital payment infrastructure”, has seen over 1,000 transactions in the last few months.
The government has also announced a series of pilot projects to tackle cash-related issues, including digital payments, online banking, remittance payments, the use of the Aadhaar ID and other measures.
The move comes amid rising concern over the use and abuse of digital currency.
The cashless system is designed in such a way that it is only possible for people to use the system to make small transactions and not to make large payments.
The platform will not accept cash and will require people to have their bitcoin wallets in a public place, like a bank, to make it possible for payments to occur.
The amount of bitcoin that can be spent through the platform is limited.
According to the NPC’s website, the system will also allow people to create and store digital wallets on the platform.
The wallet will be available to the public for one year.
A total of 15,000 wallets will be created in the pilot programme.
According the NPC, the central bank will be the primary beneficiary of the pilot and will provide financial support to the project.
This will include funding the implementation of the system, a payment processor, the marketing of the platform, marketing of digital assets and other projects.
The payment processor will manage the payments and will operate in a manner that is free of charge to the user.
The financial support is contingent on the NPCs success in completing the pilot.
The use of bitcoin is not new to India.
In 2013, the RBI launched a pilot scheme that allowed people to convert their existing cash into bitcoin, a digital currency that is widely used.
Since then, a number of banks and exchanges have introduced bitcoin-like services to allow users to make money with the digital currency and transfer it to other users.
But while bitcoin is currently being used to make online payments, a more mainstream digital currency has emerged, Ethereum.
Ether, the main cryptocurrency used in the blockchain, is being adopted by a growing number of companies including Flipkart, Snapdeal, Paytm, BHIM, Snap Pay, ecommerce startup Paytm Paytm Payments and even major banks like BSE and HDFC Bank.
Ether is being used by some startups to offer digital services, such as payment processing, mobile payments and virtual wallets.
The most recent example of a bitcoin wallet that has been used to facilitate payment is the Snapdeal.
It offers an online shopping portal where customers can buy items with bitcoins