Russian Entrepreneur Launches BitCoen, 'The First Kosher Cryptocurrency' for Jews

Vyacheslav Semenchuk will make a tenth of its earning available as interest-free loans for the Jewish community

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A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017.Credit: BENOIT TESSIER/REUTERS
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A Russian self-described "serial entrepreneur" is launching a digital cryptocurrency that, while aimed at Jewish communities across the world, will be available internationally to Jews and gentiles alike. Vyacheslav Semenchuk has named his currency "BitCoen," a play on the similar currency "Bitcoin" and the Hebrew word "Coen," meaning "priest."

Semenchuk is advertising BitCoen as "the first kosher cryptocurrency," meaning that a tenth of the company's earnings will be made available as interest-free loans for members of the Jewish community, .

The currency will be accessible during Shabbat, but the company holds that this does not violate the rules of the Sabbath because the process is automated, Russian-government funded  explained. The company is to be overseen by "The Council of Six," an identified group of leading figures in the Jewish community.

In a stylized Star of David on , BitCoen indicates that each member of the council will represent a different economic field in the community: business, culture, finance, politics, public work and technology.

BitCoen's initial coin offering (ICO), to be held in two months, will sell 100 million BitCoen at a starting cost of $1 each. A preliminary ICO, which RT reported is to take place this week, hopes to earn $1 million to help BitCoen develop, Semenchuk having invested half a million dollars in the venture.

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