Fiat currency

Fiat currency is a term that refers to any currency used by a government as legal tender. Examples of fiat currencies are the EU Euro, the Japanese Yen and the US Dollar. Fiat currency acts as a medium of exchange, store of value and unit of account. To function as a fiat, money must be durable, portable, divisible, uniform, acceptable and limited in availability.

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Cryptopedia: Fiat currency