BitCNY is a stablecoin on the BitShares platform, which is pegged to RMB. It can be transferred and traded through the BitShares wallet, or transferred and traded through the BitShares trading platform.

1. Project application

BitCNY is an asset on the BitShares platform that can be transferred and traded through the BitShares wallet. 1BitCNY = 1 RMB. BitCNY is called bitcoin in Chinese. It is essentially a contract on the bitcoin system. 1 BitCNY holders have the right to obtain bitcoin shares (BTS) worth RMB 1 from the market at any time.

BitCNY has the function of fast transmission around the world like Bitcoin, and its value is stable, effectively solving the problem of excessive fluctuations in Bitcoin prices. At present, merchants generally accept payments for digital currency through third-party service providers like BitPay. After receiving the customer's Bitcoin, BitPay will sell it in real time on the exchange to ensure that the value of the fiat currency remains unchanged. For BitPay, it needs to deposit funds on multiple exchanges. BitPay's capital costs, operating costs, company profits, etc. all need to be passed on to merchants through handling fees, even if the handling fees are much lower than traditional credit cards. Moreover, if the merchant accepts BitCNY payment, there is no need to convert it into fiat currency in real time, because 1BitCNY=1 RMB. If merchants need to redeem BitCNY, they can find some websites to redeem, and the exchanger supports 1:1 two-way exchange between BitCNY and RMB.

 2. Project Features

1. Fast transmission speed. bitcny is an asset on the bitshares platform, so it is also based on graphene technology. The characteristic of this technology is that it has a fast transmission speed. It takes almost seconds from withdrawal from the exchange to the wallet, and most exchanges can be completed within 1 minute.
2. Low transmission cost. It only takes less than 1 bitcny from the wallet to the exchange, and the transmission cost is very low
3. Small number of issuances

Related links:
http://www.120btc.com/baike/coin/370.html
https://bitshares.org/