Crypto FAQ: What is fiat currency (fiat money)?
- Defn: fiat currency
[compound noun: noun "fiat" (decreed) + noun "currency"]
The term fiat currency refers to a currency without any intrinsic value (i.e. it is not backed by a commodity and has no value on its own) that is typically backed by a national Central Bank.
Compare: currency, cryptocurrency
Contrast: Distributed Ledger Technology (DLT), blockchain
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