Is Cheque a fiat money?

06 Mar 2023

Before answering this question, let’s go over the definition of Fiat money. 

Fiat money is legal tender issued without any backing of valuable commodities. The supply and demand relationship and the stability of the national currency will determine it. Because the government is the only entity that can print fiat money, it has the authority to control the monetary system and policies. 

If the people of a country do not trust its currency, fiat money has no value. The cheque is not legal tender. Likewise, postal orders, bills of exchange, and bank drafts are also considered non-legal tenders.

Nowadays, you can convert fiat to cryptocurrency. Binance, Kraken, and Kucoin have integrated blockchain in payment processing, allowing you to conduct crypto-to-fiat exchanges without requiring KYC. They only need your email address for the signup process to perform quick and easy blockchain payments. For more information on the integration of blockchain payment gateway, please contact PayCEC right away.

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• Crypto payment gateway
• Fiat to crypto payment gateway