What is another word for fiduciary currency?
9 synonyms found
[ fɪdjˈuːʃəɹi kˈʌɹənsi], [ fɪdjˈuːʃəɹi kˈʌɹənsi], [ f_ɪ_d_j_ˈuː_ʃ_ə_ɹ_i k_ˈʌ_ɹ_ə_n_s_i]
Fiduciary currency refers to a currency that is not backed by a tangible commodity such as gold, but by the government's trust and creditworthiness. Synonyms for fiduciary currency could include fiat currency, paper currency, legal tender, or government-issued currency. These terms all refer to a currency that is not backed by a physical commodity, but rather by the government's promise to accept it as payment for debts and taxes. In contrast, a commodity-backed currency, such as the gold standard, is backed by a tangible asset that has intrinsic value. Fiduciary currency is the most common form of currency today, used by almost every country in the world.
Synonyms for Fiduciary currency:
• paper money
Other relevant words:
How to use "Fiduciary currency" in context?
When it comes to fiduciary currency, the term most often refers to dollars, euros, and other national currencies. A fiduciary is someone charged with managing a financial trust or other entity for the benefit of another person or entity. In order to provide a higher level of trust and transparency, fiduciary currency should be fully decentralized, meaning it should not be subject to political influence.
Fiduciary currency has several key advantages. For one, it would provide a level of trust and transparency that is lacking in today's financial system.