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 had been used to watching kosher delis dotting the landscape. Now it seems that kosher will probably be hitting the electronic age as a new Jewish cryptocurrency called Bitcoen is defined 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 wolf.
According to The Jerusalem Post, Viacheslav Semenchuk says that he and his partners are now in negotiations with close to 100 trading platforms to make sure that the Bitcoen is going to be viable for buying and selling. Unlike some other forms of cryptocurrency, there will be no mining involved to obtain Bitcoen. Semenchuk intends to issue 100 million Bitcoens for $1 each during and following 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
This adherence to religion will require several forms. The first is that ten percent of their money’s earnings will likely be put aside for the Jewish community in the kind of no-interest loans. The next facet of the cryptocurrency subsequent Jewish law is that trading over the Shabbat (the Jewish Sabbath) will soon be completely automated since managing cash on such day is illegal.
In terms of the firm issuing Bitcoen, it’ll be handled by a “Council of Six” which is composed of Jewish agents. Semenchuk claims that the people will represent distinct and different areas: politics, finance, society, industry, public functions, and engineering. Semenchuk claims that this council is presently being accepted, but he’s not divulged some titles.
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.