What is bitCNY?
The reason for this assertion is simple: BitCNY is easily transportable, is fungible and most importantly, there is no way of minting fake BitCNY.
BitCNY has the same purchasing power as the Yuan because of the pegging factor. Because of that, it comes in handy for those who want to execute transactions digitally. BitCNY is an asset that represents a total amount of BTS needed to value a single Chinese Yuan and that leverages on cryptography thereby eliminating the need of an intermediary.
Through the use of its software's leveraging prediction markets, smart coin emerged through Bitshares. This ensures the value of smart coin value closely corresponds with the real currency value. The coin neither inflates nor debase. For Bitshares system to cover a loan through selling collateral BTS in exchange of BitCNY, the collateral value of BTC has dropped relative to BITCNY. It uses a cryptocurrency token.
Just like BitCNY is used to trade smart coin, Bitshares blockchain too can be used by relying on an internal exchange courtesy of the Bitshares open source software.