But their decree contains the self-obligation of the issuer to accept its own currency to cancel debts. Without that self obligation its currency would be obviously worthless.

Despite that self obligation being an obvious requisite for fiat to work, it is crucial to highlight it, as it clearly reveals its liability (credit) nature.

Fiat currency is always credit currency, a liability. Opposed to Money, like Gold or Bitcoin which are not anyone else’s liability.

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