A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and check transactions as well as to control the creation of new divisions of a specific cryptocurrency. Basically, cryptocurrencies are limited enterings in a database that no one can change unless following condition are fulfilled.
As cryptocurrencies are becoming more and more mainstream, law enforcement departments, excise authorities and legal regulators worldwide are trying to understand the very notion of crypto coins and where exactly do they fit in existing regulations and legal frameworks.