fiat

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Fiat

[Latin, Let it be done.] In old English practice, a short order or warrant of a judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act.

One of the proceedings in the English Bankruptcy practice: a power, signed by the lord chancellor and addressed to the court of bankruptcy, authorizing the petitioning creditor to prosecute his complaint before that court. By the statute 12 & 13 Vict., c. 116, fiats were abolished.

Arbitrary or authoritative order or decision.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

fiat

let it be done.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
c) 'Fiat currency' refers to government-issued currency that is designated as legal tender in its country of issuance through government decree, regulation, or law;
Cryptocurrencies are not fiat currency as fiat currencies are part of a centralised system.
But inflation has been low and steady, showing that people are not abandoning fiat currency either.
To ensure this does not happen, and that the growth of TWDT remains safely within the range of the available fiat currency on the market, Green World pledges that the system will be as transparent as possible.
Either way, a virtual currency is not the same as electronic money (e-money) ndash which is a digital representation of the traditional or fiat currency. Mobile money, such as M-Pesa or Airtel Money, are therefore NOT examples of cryptocurrencies, since they are pegged and denominated on the traditional, national currency.
New Delhi [India], May 16 ( ANI ): An expert involved with the money trade coin industry has said people continue to face problems converting crypto currencies into fiat currency or other crypto currencies because of existing firm government regulations.
Similar to fiat currency, digital currency is a useful form of currency if it can be used as a unit of account, medium of exchange and store of value.
Participants get payment as per the agreed FIAT currency value irrespective of volatility.
That means if a steady-state supply of Bitcoin really did gradually replace a fiat currency, the price index of all goods and services would continuously fall.
It includes many services under one roof such as online cryptocurrency European Affiliated Academy, the world's largest online shopping mall and the first unique cryptocurrency exchange using the Fiat currency as US dollar and not bitcoin, other products like virtual Mastercards and physical Visa cards as per the clients country of residence and AML guidelines.
As Hong said, virtual currencies pose no immediate macro risk, but could threaten traditional monetary policy in the future because of its decentralised nature and independence from central banks, fiat currency links or advisory authority.