On Wednesday, Russian industrialist has launched the pioneering cryptocurrency focusing at the Jewish market. Accordingly, it would comply with Jewish law and offer participants interest-free loans.
According to the website, BitCoen is consider as “first kosher cryptocurrency in the world”. It tends to provide 10% of earning to charity and 110 reception points including kosher stores and cafeterias.
It is the one creative product of Vyacheslav Semenchuk, a serial entrepreneur who has launched more than 30 startups.
The website says this new currency has abides with all the advantages, values, customs and foundations within the frame of Jewish.
The Initial Coin Offering (ICO) is intentional for October 9. The venture has attracted investments of more than $42000 till now. Semenchuk invested $500,000 in the project and he hopes to attract up to $20 million.
Additionally, members of Jewish law of the kosher cryptocurrency will be to obtain loans without interest.
The currency is overseeing by six respected members of Jewish community called “Council of Six”. It signifies a different area of expertise like finance, business, technology, social activities, politics, and culture. Hence, it embodied by the six-pointed Magen David Jewish star.
BitCoen one of the well-known cryptocurrency Bitcoin and the Hebrew word “Kohen”, which means Jews from the clerical class.
Therefore, the launch was support by the two chief rabbis of Russia, the Chabad-affiliated Rabbi Berel Lazar.
Michael Lidogoster, Lazar’s press secretary says, “We assume that the cryptocurrency will cover all Jewish communities globally”. “The main supporter of permanency here is the fact that the keys to handling the cryptocurrency will be in the assurance of the most respectful members of the community, and not with some programmers”.