bitCNY is a trading and investing platform and cryptocurrency whose price is tied to the Chinese yuan, making it a market-pegged asset, rather than an altcoin. The BITCNY price serves as a financial tool created to track the price of real-world assets, making price spikes rare for this type of token. The token also tries to stabilize the market price of the asset it’s tied to, in this case the Chinese yuan currency. Investors can use this coin as they would Chinese yuan, representing the amount of BitShares equivalent to the yuan. This type of token is referred to as a Smart Coil, created by Bitshares based on the price of fiat currencies.