A new digital currency ‘Bitcoen’ has hit the market aiming at the Jewish community which is set to launch in October this year. The digital currency will initially hold the value of $0.75 (£0.58) per coin and is very similar to Bitcoin.
Viacheslav Semenchuk, a Russian entrepreneur, created the Bitcoen cryptocurrency with an investment of $500,000 in the project. The name Bitcoen is derived from Bitcoin and Coen, which is a popular Jewish surname meaning priest.
The currency is dubbed as “Kosher” as the 10% of its profits would be kept aside to provide interest-free loans for Jews. According to Semenchuk Bitcoen is already kosher as its system is automated. The currency would be available on Shabbat.
The way the currency is managed, if anyone buys it, it will appeal to the Jewish community. Bitcoen (BEN) will be completely controlled by the Jewish community, called Council of Six. The six members will be the respected leaders of the community from the areas of business, finance, public work and culture, politics and technologies.
The Initial Coin offering of the currency is expected to get $20m of investment. Initially, $1m would be hosted at ICO this week for $0.75. A total of 100 million Bitcoen coins will be available, each selling for $1 from October.
Semenchuk is hopeful that the currency would be accessible via leading trading platforms soon and believes the virtual currency can reach a $1.5 billion market cap in the two years, possibly making it the seventh largest cryptocurrency. The $1 coin could then value at $15 by the end of 2019.