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What is Fiat Currency?
फिएट करेंसीFiat currency is government-issued money not backed by a physical commodity. The Indian Rupee (INR), US Dollar (USD), and Euro (EUR) are all fiat currencies.
Full Explanation
Fiat currency is legal tender issued and regulated by a government, deriving its value from public trust and government decree rather than a physical commodity like gold. The term "fiat" comes from Latin meaning "let it be done." All modern national currencies (INR, USD, EUR, JPY) are fiat. In the crypto context, "fiat" is used to distinguish traditional government money from cryptocurrency. Fiat on-ramps (like UPI deposits on an Indian exchange) allow converting INR to crypto.