More detail: https://ohiobitcoin.com/coins/bitcny
BitCNY is a fungible smart currency pegged to Chinese currency, Chinese Yuan. Its demand is from users desiring comparable purchasing power as that of the Chinese yuan and subsequent ability to conduct transactions. It is an asset which denotes a total amount of BTS required to estimate a single Chinese Yuan. BTS is employed as collateral by BitShares. On taking bitCNY, yield is from a typical interest pool for every bitCNY holder and is diluted among these holders. Bitshares blockchain can be utilized to trade these Smart contracts like BitCNY by relying on an inner exchange courtesy of the BitShare open-source software available to the public.
