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What is a fiat currency?

Fiat money is a government-issued currency that's not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. It's typically designated by the issuing government to be legal tender. Examples of fiat currencies include the US dollar and the Euro.

Cryptoassets are generally not tied to any fiat currency. They're not issued or backed by any government, and are not associated with any underlying value.