Bybit Launches Support Digital Rupee Payments for Indian Customers

Bybit has taken a proactive step by launching support for Digital Rupee (eRupee) payments. The strategic move aims to alleviate the problems associated with traditional banking methods and ensure seamless transactions for Indian traders.

Per a July 30th press release, Bybit had received negative feedback from local Indian Rupee (INR) merchants regarding traditional banking security. Consequently, it prompted the recent intervention to roll out support for Digital Rupee as a payment option in the Indian market.

Bybit’s Sales And Marketing Director Wade’s In On The Rupee Innovation

According to Bybit's sales and marketing director Joan Han, rupee payment aims to improve the INR user payment experience. “The initiative helps to attract a wider pool of merchants to the platform, driving business growth and expanding the reach of Bybit’s services within the market,” the marketing director added. He also noted that the eRupee was a cutting-edge payment option from which Bybit could benefit significantly.

With Digital Rupee support, Bybit is committed to addressing security concerns and combating cybercrime. This commitment ensures a robust ecosystem for all parties involved, providing a sense of security and trust. Consequently, market participants will trust the trading platform better than before.

Bybit’s Expansion Journey

The expansion, however, comes amid challenges faced by the cryptocurrency exchange. In March, Apple removed the Bybit app from its App Store in India. This development significantly affected access for Indian iPhone and MacBook users.

Furthermore, before that incident, the Indian Financial Intelligence Unit (FIU) cracked down on nine crypto exchanges, including Kraken and Bitctamp in December 2023. Per the FIU, the implicated exchanges defaulted on anti-money laundering regulations. Although Bybit was not listed, the move underscored India’s regulatory body’s crackdown on cryptocurrencies, placing Bybit and other crypto exchanges under high tension.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

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