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- DictionaryFi·at mon·ey/ˈfēət/
noun
- 1. inconvertible paper money made legal tender by a government decree.
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- Fiat money
Currency established as money by government regulation or law
Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver. It is typically designated by the issuing government to be legal tender, and is authorized by government regulation. Since the end of the Bretton Woods system in 1971, the major currencies in the world are fiat money. Fiat money generally does not have intrinsic value and does not have use value. Wikipedia
