Cryptocurrency exchange Bybit has launched the Digital Rupee – India’s native Central Bank Digital Currency (CBDC) – on its platform.
The addition of the CBDC to Bybit’s exchange aims to be primarily used as a payment method for Indian Rupee users via its mobile wallet solution.
Bybit, the second-largest crypto platform by volume trading, cited a need for more security measures in place from Indians who make traditional banking transactions.
Accepting payments via the Digital Rupee can mitigate the risks associated with bank accounts that are targeted by cyber criminals, according to Bybit, “ensuring a more robust financial ecosystem for all parties involved”.
Joan Han, Sales and Marketing Director at Bybit, said: “We are excited to unveil Digital Rupee (eRupee) as a cutting-edge payment option for our valued users.
“By incorporating the eRupee payment, Bybit aims to elevate the payment experience for INR users, fostering trust and reliability in every transaction. Furthermore, this initiative is expected to attract a wider pool of merchants to the platform, driving business growth and expanding the reach of Bybit’s services within the market.”
A CBDC launching on a crypto exchange platform marks a significant moment for the development of CBDCs across the world.
With the Digital Rupee already in circulation for retail and wholesale use in India, many countries across the world including China and Japan, are also at similar stages.
However, CBDCs have often been criticised for its transaction history to be easily traced, therefore causing uneasiness in regards to privacy data concerns.