1. to remove the legal status of a currency or coin; to withdraw from circulation as money
Usage: chiefly British spelling; American English uses 'demonetize'; often used in financial and governmental contexts
2. to deprive of monetary value or the ability to generate income
Usage: extended or figurative use

Examples

• The government decided to demonetise the old currency notes.
• India demonetised high-value banknotes in 2016 to combat counterfeit money.
• The central bank will demonetise coins that are no longer in production.
• Social media platforms have demonetised certain creators for policy violations.
• The policy aims to demonetise illegal activities in the underground economy.