Overview#Fiat Currency is a currency without intrinsic value that has been established as money, often by Government Entity through by laws or regulation.
Fiat Currency does not have use value, and has value only because a Government Entity maintains its value, or because parties engaging in exchange agree on its value.
Fiat money first began to be used in China in the 11th century. Since then, it has been used by various countries, usually concurrently with commodity currencies. Fiat Currency started to dominate in the 20th century. Since the decoupling of the United States dollar from gold by Richard Nixon in 1971, a system of national fiat currencies has been used globally.