Fiat currency is the form of currency that a government issues and backs as legal tender and includes all of the official money in circulation such as paper bills and coins. Common examples of Fiat currency include US dollars (USD), Euros (EUR), and Chinese Yuan (CNY). The word fiat is a Latin word which means “determination by authority”. Fiat currency is distinctly different than cryptocurrencies such as bitcoin or Ethereum which are not backed by any centralized governments.
NFT Term
Fiat Currency
Definition of Fiat Currency from the NFTguild.com glossary.
