Fiat Money

Fiat Money. Fiat money is currency that a government has declared to be legal tender , but it is not backed by a physical commodity. In modern times, fiat money is generally established by government regulation.

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It allows traders to obtain the goods and services they desire without having to exchange products for commodities, as was the scene earlier while barter trading was a common thing. So in the case "fiat money," it's an order by the government. fiat money: [noun] money (such as paper currency) not convertible into coin or specie of equivalent value. Money used to be a stable medium of exchange and a store of value but that was in the days when there were sound monetary principles, mostly backed by gold or silver.

In modern times, fiat money is generally established by government regulation.

Many forms of funds that people utilize these days are fiat forms.

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Fiat Money

fiat money

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3.Fiat Money In 1963 the

Though some fiat currencies were once backed by commodities, they are now only backed by the legislative power of the government issuing them. Fiat money is currency that a government has declared to be legal tender , but it is not backed by a physical commodity. Fiat money definition, paper currency made legal tender by a fiat of the government, but not based on or convertible into coin.