Union Finance Minister Nirmala Sitharaman, who is on an official visit to the United States, on Monday (local time) warned that cryptocurrency could be used for financing terror.

Addressing the seminar during the ongoing spring meet of the International Monetary Fund (IMF), the FM said: “I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror.”

“I think regulation using technology is the only answer. Regulation using technology will have to be so adept, that it has to be not behind the curve, but be sure that it is on the top of it. And that’s not possible. If any one country thinks that it can handle it. It has to be across the board,” Sitharaman said.

Nirmala Sitharaman reached Washington this morning on an official visit to attend the Spring Meetings at the World Bank, the G20 Finance Ministers meeting and the Central Bank Governor meeting (FMCBG).