Fiat currency is a currency without intrinsic value that has been established as money by government regulation or law. Fiat money has value because the related government maintains that value. Fiat was introduced as an alternative to commodity currency, like coins made of precious medals like gold and silver, and representative currency, which are more like older gold or silver certificates.
Examples of fiat currencies are:
- the United States Dollar (USD),
- the Eurozone euro (EUR),
- the United Kingdom’s pound sterling (GBP),
- the Japanese Yen (JPY),
- the Chinese Renmenbi (RMB).
Fiat currencies can be deposited to or withdrawn from your account via bank transfers from a number of countries around the world.