A Russian entrepreneur has announced the upcoming ICO of Bitcoen, the world’s first kosher cryptocurrency that will follow Jewish law and traditions.
Growing up in South Florida, I was used to seeing kosher delis dotting the landscape. Now it appears that kosher will be hitting the digital age as a new Jewish cryptocurrency called Bitcoen is set to be launched. This new kosher cryptocurrency is the brainchild of Viacheslav Semenchuk, a Russian entrepreneur. Bitcoen takes its moniker from the ever-popular Bitcoin and “Coen,” which is the Hebrew word for priest.
According to The Jerusalem Post, Viacheslav Semenchuk says that he and his partners are currently in negotiations with close to 100 trading platforms to ensure that the Bitcoen will be viable for buying and selling. Unlike some other forms of cryptocurrency, there will be no mining involved to gain Bitcoen. Semenchuk plans to issue 100 million Bitcoens for $1 each during and after its ICO in multiple waves and plans on having a market cap of $1.5 billion within the next two years.
Keeping the Faith with Bitcoen
Viacheslav Semenchuk plans on the Bitcoen adhering to the Torah, thus becoming the world’s first kosher cryptocurrency. This adherence to faith will take several forms. The first is that ten percent of the currency’s earnings will be set aside for the Jewish community in the form of no-interest loans. The second aspect of the cryptocurrency following Jewish law is that trading on the Shabbat (the Jewish Sabbath) will be fully automated since handling money on that day is prohibited.
As for the company issuing Bitcoen, it will be managed by a “Council of Six” that is made up of Jewish representatives. Semenchuk says that the individuals will represent different and distinct areas: politics, finance, culture, business, public works, and technology. Semenchuk says that this council is currently being approved, but he has not divulged any names.
The Pre-ICO is Already Underway
The ICO for the Bitcoen is scheduled to begin in two months, but a pre-ICO has already started. Semenchuk hopes to raise $1 million to help the development of the cryptocurrency, and the Russian entrepreneur has said that he’s already invested $500,000 into the project so far.
As for the pre-ICO, it will last through October 9th, and a total of 300,000 Bitcoen tokens and 30,000 Bitcoen tzedakah tokens will be released. This number could double if the company chooses to do so, and people looking to buy Bitcoen can only do so through the use of certain cryptocurrencies: BTC, ETH, and LTC.
One wonders if the Bitcoen will be successful, however, the response by the local Jewish community in Russia has been extremely favorable. Tablet Magazine reports that Mikhail Lidogaster, the press secretary for the Chief Rabbi of Russia, says:
We expect that the cryptocurrency will cover all Jewish communities around the world. The main guarantor of stability here is the fact that the keys to managing the cryptocurrency will be in the hands of the most respected members of the community, and not in the hands of some programmers.
What is your opinion on the announcement of this new kosher cryptocurrency? Will the Bitcoen be successful or not? Let us know in the comments below.
Images courtesy of Bitcoen, Wikimedia Commons