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RE: Before entering into a smart contract - read the fine print!
There is an intent to maintain a peg. This proposed change is being done in an effort to make peg closer. It hurts those who understood the reason for the premium and bought it expecting to sell at a similar premium.
Just to be clear, I am not involved with this proposal.
The stated intent of the proposal is to create a closer peg, yes.
However, the proposal was created by someone who is known to be in a short position, at a time where BTS price is going down. I think it is obvious that a tighter peg may not be the only reason for the proposal.
Create bitCNY2 and let market decide what is better.
Actually another variant exists, under the name TCNY. It has been active for a couple of months now I believe.