A Russian entrepreneur is behind the concept of a new international Jewish cryptocurrency, aptly named BitСoen, which comes from the Hebrew word for priest.

This new digital coin is scheduled to be launched in September and is based off of Bitcoin, which uses blockchain to track transactions, according to an article from the Jerusalem Post.

Viacheslav Semenchuk told RT, the Russian media outlet, that he has personally sunk $500,000 into the new currency and aims to garner $20 million at its initial coin offering (ICO). He did not disclose the name of his current investors, but the businessman told Russian business daily RBK that he is in discussions with almost 100 trading platforms.

Semenchuk said he has plans to issue 100 million BitСoens with an initial price of a $1 for each token and is seeking a market cap of $1.5 billion within the next two years.

The currency is available to all investors, but the company will be operated by a "Council of Six," consisting of Jewish representatives, the Jerusalem Post said. These people could include leaders from private and public industries, but no details have been given.

One automated option will allow trading to occur on Shabbat, during which Jewish law prohibits the transfer of money.

Are you investing in cryptocurrency? Don't miss TheStreet's coverage:

More from Investing

Serving Up Growth at Bloomin' Brands

Serving Up Growth at Bloomin' Brands

Deere & Co. Slumps After Q4 Earnings Miss, Tepid 2019 Outlook

Deere & Co. Slumps After Q4 Earnings Miss, Tepid 2019 Outlook

Markets, Oil, Foot Locker, Facebook and Renault - Five Things You Must Know

Markets, Oil, Foot Locker, Facebook and Renault - Five Things You Must Know

Sentiment Is Back to Super Bearish

Sentiment Is Back to Super Bearish

Foot Locker Surges After Q3 Same Store Sales Gains, Defying Retail Bears

Foot Locker Surges After Q3 Same Store Sales Gains, Defying Retail Bears