Established in 2018, ByBit claims to be the world's second-largest cryptocurrency exchange by trading volume, serving over 37 million users.
RBI says 50 lakh users and 4.2 lakh merchants are participating in eRupee trials
Dubai-based ByBit crypto exchange has announced the integration of the eRupee CBDC with its peer-to-peer (P2P) transaction service. In an official statement, the exchange said it has received multiple requests from Indian merchants urging support for eRupee transactions. Since the eRupee is India's RBI-issued digital currency, the merchants dealing in INR believe that processing digital transaction in this token can keep them safeguarded against hackers and other financial risks.
This eRupee feature for ByBit's P2P transactions will let merchants accept payments in the form of the eRupee, reducing the risk of their bank accounts being targeted by cybercriminals.
"We are excited to unveil Digital Rupee (eRupee) as a payment option for our INR users, fostering trust and reliability in every transaction. This initiative is expected to attract a wider pool of merchants to the platform,” the exchange said in its announcement.
Established in 2018, ByBit claims to be the world's second-largest cryptocurrency exchange by trading volume, serving over 37 million users.
In the P2P payments adopted by Indian exchanges, the seller deposits payment in the form of a cryptocurrency into the wallet of the exchange, which in this case would be ByBit. The seller sets a sale price for the assets – and if a buyer is okay with the set price, the deal can be locked on the exchange. The buyer then sends the payment to the seller's bank account directly – completing this P2P transaction. The seller also confirms with the exchange that the set amount has been received after which the exchange releases the crypto to the buyer.
As per Arjun Vijay, the co-founder of Indian crypto exchange Giottus, in 2018 when the RBI circular was issued restricting crypto exchanges from having banking relationships, Indian exchanges launched this P2P system.
Vijay noted that to facilitate a traditional crypto transaction between buyer and seller – the buyer deposits INR into the bank account of the exchange and the seller puts the batch of tokens into the exchange's wallet. For trade, the balance of crypto and INR is swapped through the exchange – but for this, the exchange needs to own a bank account in India as well.
“After 2020, all exchanges reverted to normal mode. WazirX continued to operate both on P2P and normal. And seeing this loophole all major international exchanges with Indian customers launched P2P transaction system,” Vijay noted.
India has mandated all crypto-related firms to register with the Financial Intelligence Unit (FIU). ByBit's status in this regard, interestingly remains unclear.
Back in March, Apple had removed the ByBit app from its App Store in India. On Google's Play Store, however, the ByBit app is available for download. The web platform for ByBit is also, meanwhile, loading for some in India and not showing up for others.
Gadgets360 has reached out to ByBit for clarification on its legal status for carrying its operations in India. Their response, for now, remains awaited.
India's CBDC is presently undergoing advanced trials, with multiple banks, retail merchants, and wholesale traders. The RBI is looking at the eRupee as a tool to improve India's cross border transactions and take the INR to an international level.
In June, the eRupee recorded a drop in activity after banks slowed down promotional activities.
In its latest data, the RBI said that 50 lakh users and 4.2 lakh merchants were participating in the CBDC retail pilot as of June 2024.
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