Definition of Demonetize
Demonetize
de·mon·e·tize
Definition/Meaning
(verb)
To officially remove the status of a currency or a medium of exchange.
e.g. The government decided to demonetize the old coins to combat counterfeiting.
(verb)
to deprive a precious metal of its use or status as a monetary standard;
e.g. They decided to demonetize the metal when its value reduced sharply.
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