What are some examples of fiat money?

06 Mar 2023

Before getting down to some examples of fiat money, we will walk you through the concept of it. Fiat money is legal tender but not backed by any physical assets. Its value depends on the supply and demand relationship and national currency stability rather than the value of physical assets such as gold and silver.

You can store, buy, sell, and convert fiat coins in a fiat wallet. Investors can use the crypto application to perform simple tasks such as depositing money into the Fiat wallet and withdrawing it from the wallet to the registered bank after creating a Fiat wallet account. The government is the only entity that can print fiat money, so it has the right to control the monetary system and policies. If a country's people do not trust its currency, fiat money will not be worth anything.

Most modern banknotes are the US Dollar and British Pound. The United States issues the US Dollar in parallel in coins and banknotes. The British Pound (GBP) is the legal currency of the United Kingdom of Great Britain and Northern Ireland and its overseas territories and colonies. It also comes in two forms as USD. Some other famous fiat currencies are Euro (European common currency), Yuan (China), Franc (Switzerland), and Yen (Japan).

Here are some examples of fiat money:

• United States dollar (USD)
• Euro (EUR)
• British pound (GBP)
• Japanese yen (JPY)
• Swiss franc (CHF)
• Australian dollar (AUD)
• Canadian dollar (CAD)
• Indian rupee (INR)
• Chinese yuan (CNY)
• Brazilian real (BRL)

These are just a few examples of the many fiat currencies that are used around the world. Fiat money has been the standard form of currency in most countries since the 20th century, and it is accepted as legal tender for all debts, public and private.

Nowadays, various blockchain payment gateways encourage customers to deposit and store Fiat currency in their crypto wallets to catch any market opportunities, promising faster transactions using blockchain in payment processing. For more details on fiat and cryptocurrency, please visit PayCEC Frequently Asked Questions.

Read more:

• Crypto payment gateway
• Fiat to crypto payment gateway