Fiat Money
Definition
Currency that has value because the government declares it legal tender — not because it's backed by gold or silver. The global default since 1971.
Example
US dollars, euros, yen, pounds — all fiat currencies.
Currency that has value because the government declares it legal tender — not because it's backed by gold or silver. The global default since 1971.
US dollars, euros, yen, pounds — all fiat currencies.