'BitCoen' to become first electronic currency specifically for Jews

BySHOSHANA KRANISH
August 8, 2017 15:33

A Russian businessman is behind the idea for the currency, which aims to simplify connections between Jewish communities.




Bitcoin

Bitcoin, the world's most famous cryptocurrency. (photo credit:BENOIT TESSIER /REUTERS)

Coming soon to your community may be the first ever international Jewish currency, dreamed up by a Russian entrepreneur.

BitCoen, an electronic crytopcurrency based off of the idea of BitCoin, is set to launch in September. Businessman Viacheslav Semenchuk, the brains behind the operation, told Russian media outlet RT that he and his partners are in talks with almost 100 trading platforms, discussing the prospects of the currency's ability to be used for purchasing.

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The currency will be based on the value of the US dollar, with each BitCoen token available for one dollar. The plan is to initially issue 100 million BitCoens.The company hopes that they will be able to circulate up to $1.5 billion in the first two years.

While anyone can purchase tokens, the company will be managed by a 'Council of Six' made up solely of Jewish representatives. The representatives will likely be prominent leaders in both public and private sectors, though there is no word yet as to the planned demography of the leaders.

As the currency is aimed specifically at Jewish communities, there will be an automation option so that trading operations may take place on Shabbat, when the handling of money is prohibited by Jewish law.

Semenchuk told reporters that the initial 'bit book' for investments has been filled, meaning that the project is viable.

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