01
Fiat money is money that is not convertible into, or backed by, a fixed quantity of a commodity such as gold.
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02
The value of fiat money depends primarily on confidence in its issuing institutions and general acceptance for payments, rather than on the material value of the money itself.
supported03
Fiat currency includes government- or central-bank-issued banknotes and coins. Modern monetary systems also use bank deposits—and, in some systems, regulated electronic-money balances—as forms of money used for payments.