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A fiat currency is issued by a government without being backed by a physical commodity. El Salvador's adoption of Bitcoin does not make it a fiat currency.
by bidirectional 5y ago
A fiat currency is issued by a government without being backed by a physical commodity. El Salvador's adoption of Bitcoin does not make it a fiat currency.
- imtringued 5y agoI think this is in reference to a US law that states that a "currency" adopted by a foreign country is not classified as an asset but as a currency. This has tax implications but I don't know the details.