‘Legal tender money is also known as fiat money.’ Comment.
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Legal Tender: An Overview. Fiat money does not have any intrinsic value. Legal tender is any currency declared legal by a government. ... Many governments issue a fiat currency and then make it legal tender by setting it as the standard for repaying debt.
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Legal tender money is that money by means of which any payment can be made in law and payee is bound to accept it in payment of debts or in exchange change of various goods and services and fiat money is issued at the time of crisis fiat money has no intrinsic value.
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