Is “Demonetizing” a Scrabble word?

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Yes
DEMONETIZING
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Invalid

Meaning of Demonetizing

verb
  1. 1.To withdraw the status of legal tender from a coin (etc.) and remove it from circulation.

  2. 2.To declare ineligible or worthless as a medium of exchange or as legal tender.

  3. 3.To demote (published content, or its creator) so that it is no longer eligible to earn money for its publisher.

    The site has the ability to demonetize a video.