> If governments could legal mandate that their fiat currencies have value, there would be no such thing as hyperinflation. There is such a thing as hyperinflat

> If governments could legal mandate that their fiat currencies have value, there would be no such thing as hyperinflation. There is such a thing as hyperinflation. Therefore, governments cannot legally mandate that their fiat currencies have value. I think you may be getting confused between legal mandate and confidence. Governments certainly can, and do legally mandate the value of money in the form of fiat currency, that is the very definition of a fiat currency. However, society and the market can lose confidence in said currency thus triggering hyper inflation. I’m not familiar with the legal situation in all countries, but certainly the UK, USA, and EU define legal tender as what one must always accept as settlement of a debt. That allows one to refuse payment if a prior debt does not exist, that’s why it’s legally acceptable to for shops to refuse high value bank notes for example.