Is gold a fiat currency?

30 Sep 2022 By PAYCEC

They are completely different. Fiat money is a legal tender that is not backed by a commodity such as gold.

Almost every country on the planet now uses fiat money. You can convert the fiat currency of one country to the fiat currency of the country where you want to spend it.

Fiat currency can take the form of banknotes, coins, credit loans, or other valuable assets. It is widely used in the country in which it is issued. The US dollar is the most widely used fiat currency in the world.

Meanwhile, the gold standard is a monetary system in which the value of a country's currency is backed by gold. Countries agreed to convert paper money into a fixed amount of gold under the gold standard. Today, fiat money has completely replaced gold.

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