Oy, Such a Currency

Satoshi, eat your heart out (if you exist).

In addition to Bitcoin, there are now hundreds of cryptocurrencies in circulation, some more liquid than others. Not all seem quite kosher in the figurative sense of the word. Only one may be in the literal sense: BitCoen.

Tablet Magazine reports that Russian entrepreneur Vyacheslav Semenchuk is launching a cryptocurrency with “the values ​​and customs of the ancient foundations in the framework of Jewish law.” The currency would be overseen by a council of six as yet unnamed people and will engage in “tzedakah” – Hebrew for charity, giving a tenth of its income to Jewish philanthropic causes.

Mixing religion and digital currency sounds odd, but the approach isn’t unprecedented. The idea for a kosher currency was beaten to the punch by a halal one called OneGram that promoters announced this past spring.  It was to be backed with physical gold, according to Cryptocoins News. Borrowing or gambling were forbidden and it was to be overseen by a group of Islamic law experts.

As for BitCoen, it is still on the drawing board. Some in the Jewish community are kvelling for it to be launched already.

MoneyBeat » Bitcoin

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