The term fiat currency refers to any government-issued currency that can be used as legal tender. This type of currency isn’t backed by a commodity and enables centralized financial institutions, such as banks and governments, to control how much money is printed. Because of governmental regulation, fiat currency does not have intrinsic value and can suffer from hyperinflation. Fiat currencies are stores of value, mediums of exchange, and units of account.
Q: What is Fiat currency?
A: is a currency that is not pegged to the price of a commodity such as gold or silver.
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