New Delhi, Feb 10: Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi on Saturday said soon regulations on cryptocurrencies will be out and for this various regulators role will be finalised.

What are cryptocurrencies?

A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets

Tyagi is part of the committee formed by the government to examine the pros and cons of virtual currencies (VCs).  The Virtual Currencies are stored in a digital or electronic format, making them vulnerable to hacking, loss of password and malware attack, which may also result in permanent loss of money.