Russian Entrepreneur Creates Bitcoin-based Currency for Jewish Communities

New 'BitCoen,' aimed at Shabbat bans on handling money, will launch in September.

August 10, 2017 9:10 am

A Russian entrepreneur will soon launch the first ever international Jewish currency, the BitCoen, based off the Bitcoin.

According to The Jerusalem Post. Businessman Vyacheslav Semenchuk has created the cryptocurrency aimed specifically at Jewish communities, so that automated trading operations may take place on Shabbat. Handling money is prohibited by Jewish law on this day.

Semenchuk told the Russian media outlet RT that he and his partners are talking to almost 100 trading platforms. Bitcoins will be based on US currency, so each one will available for one dollar. The plan is to start by releasing 100 million BitCoens and then hopefully circulate $1.5 billion over two years.

Though the company is managed by a “Council of Six” made up entirely of Jewish representatives, anyone can buy the tokens.

Semenchuk told reporters that the initial “bit book” for investments has been filled, according to The Jerusalem Post, so the project is viable.

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