Fiat

Fiat currencies are government-issued currencies that have no intrinsic value and are solely used as a means of payment. Fiat currencies were introduced as an alternative to commodity currencies, which are based on a good, mostly a precious metal such as gold or silver. Fiat currencies are regulated by central banks, which determine the level of currency supply. All major government-issued currencies such as USD, EUR, CNY, JPY are fiat currencies.

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