With Israel’s Finance Ministry and the Bank of Israel contemplating issuing a state-sponsored digital foreign money, the main target of the BitCoen challenge is to fill this vital function within the cryptocurrency ecosystem.

The primary goals of this initiative of the Israeli authorities are to cut back black market exercise, which includes an estimated 22% of the nation’s GDP, and to cut back paper money, which is basically used to facilitate untaxed transactions. Thus, Israel joins Russia within the creation of a nationwide token; however not like in Russia, cryptocurrency use is usually authorized in Israel. A tentative authorized framework for a brand new state-sponsored foreign money has been below overview by the Israeli authorities for the reason that starting of the 12 months.
Asked about Israel’s push for a state-sponsored foreign money, Vyacheslav Semenchuk, founder and CEO of BitCoen, mentioned:
After all these discussions, the necessities for the blockchain know-how of the brand new Israel state-sponsored foreign money are very clear: excessive community pace for speedy transactions, safety from spam and false transactions, and a ready-to-use digital pockets. […] We can say that BitCoen blockchain is completely assembly these necessities. The LCPoA blockchain algorithm reliably protects the community, whereas it doesn’t require giant expenditures of computing assets. The BitCoen know-how gives a excessive community pace (as much as 25,000 transactions per second), which is 3500 instances sooner than the Bitcoin blockchain. The BitCoen digital pockets was prepared in December and has been present process testing by our token holders for a number of months.
He additional continued:
State-sponsored digital currencies like a brand new “digital shekel” could compete with all cryptocurrencies, even Bitcoin. We stay up for seeing how digital currencies will have an effect on the lives of shoppers in Israel and different nations.
At the identical time, for the reason that starting of the 12 months, anybody can buy BitCoen tokens at a particular automated teller machine (ATM) at Bitcoin Change, a store co-founded by Abe Ziv within the Bauhaus Center in Tel Aviv, Israel. BitCoen is the primary altcoin that may be bought from this ATM. Speaking in regards to the collaboration between BitCoen and Bitcoin Change, Semenchuk acknowledged:
This collaboration is extraordinarily vital for us, due to the geo-strategic location and since it makes shopping for BitCoen tokens accessible to all.
He additionally famous that the ATM put in within the store is totally compliant with Israeli AML rules.

Attracting Young Talent within the Crypto Space
Seeking to take advantage of new alternatives for the BitCoen challenge, the BitCoen staff determined to strengthen the staff with the addition of a younger and gifted advisor. Edward Zillan, the founding father of Cryptocurrency Financial, a cryptocurrency consulting agency, and a profitable dealer, joined the BitCoen staff as a challenge advisor in early January.
Zillan was 16 when he invested his bar mitzvah cash in cryptocurrency. Two years later, he has made near one million buying and selling in numerous cryptocurrencies. As a scholar, he has established his personal cryptocurrency consultancy enterprise, capitalizing on his funding success. Zillan sees excessive potential in altcoins, particularly BitCoen, as a result of “these are those these days which have the biggest exponential development.”
In an announcement about Zillan’s addition to the BitCoen staff, Semenchuk mentioned:
We are glad to see Eddy as our advisor. His expertise and vitality will assist the BitCoen challenge to achieve its strategic targets. […] We have ready some extra staff updates and fascinating information. Stay tuned for extra vital bulletins about BitCoen.
BitCoen is the primary Kosher crypto-token and blockchain ecosystem. British firm BitCoen has declared that its strategic objective is to assist interplay between representatives of Jewish communities all over the world. The BitCoen ecosystem is a system of providers, qualitatively enhancing the lifetime of the Jewish group. The Token sale of the BitCoen blockchain challenge is being held at http://bitcoen.io and can final till February 15, 2018. To date, the BitCoen challenge has raised a complete of $2 million on the worth of $1 per BEN.
What are your ideas on governments issuing state-sponsored cryptocurrencies? Do you assume that BitCoen is effectively positioned to fill that function for Israel? Let us know within the feedback beneath.

Images courtesy of Wikimedia Commons, BitCoen
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