Kosher cryptocurrency Bitcoen to be created in Russia

Kosher cryptocurrency called Bitcoen to be created in Russia
08 August 2017   779
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Russian businessman Vyacheslav Semenchuk announces a kosher cryptocurrency Bitcoen (in tune with "coen" - the name of the clergy in Judaism), which is designed to simplify the calculations within the Jewish community. The initiative of the businessman has already been supported by the chief rabbinate of Russia.

The project plans to produce on its own blockchain 100 million tokens Bitcoen $1. The currency will be released to the market gradually, and 10% from each edition will come in a special Fund, which will transfer cryptocurrency to the Jewish community.

Semenchuk also adds that tokens will be accepted at some shops and restaurants, not just kosher. Thus, he explained the possible interest for non-kosher stores in support of the cryptocurrency:

Want a new audience in the form of effective Jews – accept cryptocurrency Bitcoen.
 

Vyacheslav Semenchuk
Bitcoen creator

The project is under control of the “Council of six”:

Each of them [Board members] respected in the Jewish community, representing its direction (business, politics, Finance, technology, public work, culture). Each Board member will have one part of the digital private key. Only adding 6 keys together in a special room and voting, the Council may adopt joint decisions.
 

Bitcoen team

Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

According to Semenchuk, the Council has only two functions – solutions on the issue of currency and how worthy is the project team bonus 5 years after the start Bitcoen. The key is divided into six parts, while in other blockchains like Ethereum, or Waves key can belong to one person, argues Semenchuk.

Soon Bitcoen also plans to hold a pre-ICO and ICO. 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.