Solution

Money that is governed by local regulations is referred to as "legal money" or "legal tender." Nobody can refuse to accept it as payment for transactions because it is money that has been issued by a monetary authority or the government. Money is defined by a government order, at which point it is recognised as legal tender. Legal tender money includes money, paper notes, and coins, which cannot be refused as payment for transactions or as a means of exchange. Everyone is required to accept it in exchange for goods and services as well as for the repayment of obligations.
Fiat money is the cash that a government declares to be legal tender, although it is not supported by a tangible asset. In contrast to the value of the commodity used to create the money, the value of fiat money is defined by the relationship between supply and demand.