BitCNY is a decentralized market pegged digital asset based on the Bitshares platform. It is a fungible smart coin whose value closely corresponds to that of the actual Chinese currency, the Yuan. Such coins are unique in that they do not inflate of debase. BTS is used as a collateral on this exchange to ensure the coins stability. When the coin's value falls, it gets covered by selling BTS for BitCNY.
BitCNY like other smart coins act as a tool for keeping tabs with the value of real-worldShow more [+] sets. They are not altcoins, neither are they your normal cryptocurrencies, but are some kind of tools used to follow the price of fiat currencies. The coins demand comes from the need of having them attain the same value or purchasing power as the fiat currencies they are pegged to.
BitCNY is compatible with Atomic, Ledger and Mixin Messenger wallets. You can keep your coins safely in one of these wallets instead of leaving them on an exchange. For trading, this smart coin is listed on Changelly, Coinbene, OpenLedger, AEX, BitShares and Crypto.com exchanges. BitCNY is premined, and has a very low liquidity.