Larry Fink, chief executive officer of BlackRock Inc., said that cryptocurrencies are a speculative platform in Asia and heavily used for money laundering.

“It identifies how much money laundering is being done in the world,” Fink said in a Bloomberg TV interview Tuesday with Erik Schatzker. “How much people are moving currencies from one place to another.”

Fink added that there is potential for digital currencies.

“If we create a true global digitized currency then you would not have money laundering anymore,” he said. In that case, there are concerns about protecting the system from cyber problems, he said.