Indian eRupee Will be Accepted in Dubai, Crypto Exchange ByBit Adds Support for Digital Currency

India’s digital rupee (e-Rupee) will also be accepted in Dubai. Dubai crypto exchange ByBit has announced the integration of Central Bank Digital Currency (CBDC) eRupee into its peer-to-peer (P2P) transaction service. ByBit said that it had received requests from Indian merchants for support for e-Rupee.

This digital currency issued by the Reserve Bank of India (RBI) will help those who trade in rupees Merchants is confident of secure processing of digital transactions. ByBit’s P2P transactions will allow merchants to accept payments in rupees. This will reduce the risk of cyber criminals targeting their bank accounts. ByBit said, “We are excited to introduce the option of digital payment for our INR users. This will add reliability to every transaction. This is expected to bring a large number of merchants to this platform.”

This exchange was started in 2018. ByBit claims that it is the second largest crypto exchange in terms of trading volume. It has more than 3.7 crore users. In P2P payments, the seller deposits the payment in the form of cryptocurrency in the exchange’s wallet. After this, the seller decides a sale price of the asset. If the buyer accepts that price, then the deal is done on the exchange. After this, the buyer sends the payment directly to the seller’s bank account. In this way the P2P transaction is completed. The seller also confirms to the exchange that he has received the amount, after which the exchange gives the cryptocurrency to the buyer.

Arjun Vijay, co-founder of crypto exchange Giottus, said that in 2018, RBI had issued a circular banning crypto exchanges from transacting with banks. After this, crypto exchanges started this P2P system. It is mandatory for all crypto-related firms in the country to register with the Financial Intelligence Unit (FIU). However, it is not clear whether ByBit has done this registration or not. The cryptocurrency segment has grown rapidly in the last few years.