Definitions for fiat currency
This page provides all possible meanings and translations of the word fiat currency
Money that has indirect market value or is given legal tender status by government fiat.
Fiat money is currency which derives its value from government regulation or law. It differs from commodity money, which is based on a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange. The term derives from the Latin fiat. The first use of fiat money was recorded in China around 1000 AD. Since then, it has been used continuously by various countries, concurrently with commodity currencies.
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"fiat currency." Definitions.net. STANDS4 LLC, 2014. Web. 18 Dec. 2014. <http://www.definitions.net/definition/fiat currency>.