Larry Fink Says Cryptocurrencies Show Level of Money Laundering

(Bloomberg) -- 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.

To contact the reporter on this story: Sabrina Willmer in Boston at swillmer2@bloomberg.net.

To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski, Alan Mirabella