Kosher Currency ‘Bitcoen’ For Jewish Community To Hit The Market Soon

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.

Recent Posts

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

21 hours ago

SEC’s Crypto Mom is calling for the U.S. to catch up and considers a ban on Bitcoin foolish

According to Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), a government ban…

22 hours ago

Bloomberg expects Bitcoin price to land on $400,000 in this halving cycle

In the latest edition of its monthly “Crypto Outlook,” Bloomberg, senior strategist Mike McGlone reports on the bullish narrative around bitcoin…

22 hours ago

Coinbase high valuation is not a “done deal”, as analysts issue some caution ahead of its direct listing

Looking ahead to next week’s Coinbase direct listing, analysts conclude that by no means it is a “done deal” game…

23 hours ago

Bitcoin’s adoption is at a “tipping point”, according to Fidelity Investments Executive Tom Jessop

During an interview at Marketwatch and Barron’s “Investing in Crypto” event, Tom Jessop, Head of Fidelity Digital Assets at Fidelity…

3 days ago

Cardano’s Alonzo upgrade is expected to be live by end of summer

In a blog post that was announced on their Twitter page on Thursday, The Input Output HK (IOHK) team outlined…

3 days ago