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Cryptocurrency exchange Bybit has launched digital rupee payments. The introduction of the Indian central bank digital currency (CBDC) on the exchange will enhance security for rupee users, the exchange said.
The e-rupee will be available as a wallet-based payment solution. It joins existing Bybit options for payment in rupees by bank transfer, third-party services such as Paytm and India’s Unified Payments Interface, which is the Reserve Bank of India’s (RBI’s) national payments portal. 
<h2 id="the-e-rupee-expands-payment-options">The e-rupee expands payment options</h2>
With the digital rupee, users “can mitigate the risk of their bank accounts being targeted by cybercriminals,” Dubai-based Bybit <a href="https://www.prnewswire.com/news-releases/bybit-introduces-digital-rupee-erupee-as-the-new-and-secure-inr-payment-method-302209775.html" target="_blank" rel="noopener nofollow">assured</a> in a statement. Bybit sales and marketing director Joan Han said:
<blockquote data-ct-non-breakable="true">
 "By incorporating the eRupee payment, Bybit aims to elevate the payment experience for INR [Indian rupee] users, fostering trust and reliability in every transaction. Furthermore, this initiative is expected to attract a wider pool of merchants to the platform.”
</blockquote>
At present, the e-rupee is <a href="https://www.bybit.com/fiat/trade/otc?actionType=1&amp;token=USDT&amp;fiat=INR&amp;paymentMethod=" target="_blank" rel="noopener nofollow">used</a> on Bybit for peer-to-peer crypto transactions. The Indian CBDC is a pilot project. The retail e-rupee <a href="https://cointelegraph.com/news/the-reserve-bank-of-india-to-launch-a-retail-cbdc-pilot-in-december">was launched in</a> December 2022, shortly after <a href="https://cointelegraph.com/news/reserve-bank-of-india-to-reportedly-launch-digital-rupee-pilot-in-november">the debut of the wholesale</a> version. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/2b3075c4-2f73-493f-8dd9-5bc8708c08fc.png" alt="Bybit introduces Indian digital rupee CBDC payment option" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/HarishDanu9/status/1809460479343096150" target="_blank" rel="noopener nofollow">Unknown Harsh</a>
 </figcaption>
</figure>
In March 2023, the RBI and the United Arab Emirates Central Bank <a href="https://cointelegraph.com/news/india-uae-to-explore-cbdc-bridge-to-facilitate-trade-remittances-without-usd">signed a memorandum of understanding</a> on a CBDC bridge between the jurisdictions.
Related: <a href="https://cointelegraph.com/news/indian-finance-minister-ignores-crypto-industry-s-budget-tax-plea">Indian finance minister ignores crypto industry’s budget tax plea</a>
<h3 id="the-e-rupee-has-yet-to-take-off">The e-rupee has yet to take off</h3>
The presence of the digital rupee (or any CBDC) on a crypto exchange is noteworthy. Despite <a href="https://cointelegraph.com/news/digital-rupee-gets-big-usability-boost-through-yes-bank-integration-with-upi">efforts&nbsp;</a>plans to add offline capabilities to the e-rupee, which could <a href="https://cointelegraph.com/news/india-offline-cbdcs-limited-connectivity-areas">increase its usage</a> in areas with limited internet access.
Programmability was added to the digital rupee this year. The first use of the programmable e-rupee was for <a href="https://www.indusind.com/in/en/about-us/mediabrand/FY/2024-2025/April/IndusInd_Bank_announces_successful_execution_of_RBIs_programmable_CBDC_pilot.html" target="_blank" rel="noopener nofollow">reimbursement</a> of carbon credit to farmers by IndusInd Bank in April. Nonetheless, the wholesale e-rupee use has been limited, and it has been <a href="https://bfsi.economictimes.indiatimes.com/news/policy/what-ails-rbis-wholesale-e-rupee-pilot/110475811" target="_blank" rel="noopener nofollow">criticized</a> for being “cumbersome” to use. 
Magazine: <a href="https://cointelegraph.com/magazine/slumdog-billionaire-incredible-rags-riches-tale-polygon-sandeep-nailwal/">Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal</a>

Bybit introduces Indian digital rupee CBDC payment option

Съдържание

Cointelegraph

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