Demonetization

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Demonetization

Government withdrawal of a form of currency from circulation e.g. a particular note, coinage, or precious metal.
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But even with the issuance of new generation coins, the BSP would not yet demonetize the existing ones, Guinigundo said.
According to TechSci Research, the move to demonetize the currency will prove out to be effective and useful in the long run.
According to her, central banks demonetize their currency for the following reasons: prevention of counterfeiting; benchmarking with other countries; change in the type or form of government; change in the type of currencies used within the country as part of social or political reform; redefining the value of money caused by hyper-inflation; and reduction to only one design series for countries with two or more design series of notes in circulation for simplification.