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What is “Fiat” money?

What is "Fiat" money? | Trading Cocktail

What is “Fiat” money? An artificially created unit of currency, fiat money is recognized as legal tender by the government despite its lack of intrinsic worth. Fiat money, on the other hand, is backed by the creditworthiness of the government that issues it, rather than actual commodities like silver or gold. As a substitute for commodity money and representational money, …