ˌdɛməˈnɛtɪz

Definitions

1. verb

to remove the official status of a currency, making it no longer a legal medium of exchange, or to remove the value or credit from something

“The government decided to demonetize the old currency to encourage people to use the new one.”

2. noun

the act or process of removing the official status of a currency or the value or credit from something

“The demonetization of the old currency had a significant impact on the local economy.”