Published On: Fri, Feb 2nd, 2018

Kosher Crypto BitCoen Is Setting a Course for Israel

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With Israel’s Finance Ministry and the Bank of Israel considering issuing a state-sponsored digital currency, the focus of the BitCoen project is to fill this important role in the cryptocurrency ecosystem.

The main objectives of this initiative of the Israeli government are to reduce black market activity, which comprises an estimated 22% of the country’s GDP, and to reduce paper cash, which is largely used to facilitate untaxed transactions. Thus, Israel joins Russia in the creation of a national token; but unlike in Russia, cryptocurrency use is generally legal in Israel. A tentative legal framework for a new state-sponsored currency has been under review by the Israeli government since the beginning of the year.
Asked about Israel’s push for a state-sponsored currency, Vyacheslav Semenchuk, founder and CEO of BitCoen, said:
After all these discussions, the requirements for the blockchain technology of the new Israel state-sponsored currency are very clear: high network speed for immediate transactions, protection from spam and false transactions, and a ready-to-use digital wallet. […] We can say that BitCoen blockchain is perfectly meeting these requirements. The LCPoA blockchain algorithm reliably protects the network, while it does not require large expenditures of computing …

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