JP Morgan Chase added a segment on cryptocurrency to the section "Risk Factor" of its 2017 Annual Report to the United States Securities and Exchange Commission (SEC), filed February 27.

The Annual Report mentions crypto-currencies in the subsection "Competition" to describe the new competitors that threaten JP Morgan's operations:

"Financial institutions and their non-bank competitors risk the processing of payments and other services may be disrupted by technologies, such as cryptocurrency, which require no intermediation."

The report notes that these new technologies obviously include Blockchain, although they are not. mention it by name, "could require JPMorgan Chase to spend more to modify or adapt its products in order to attract and retain customers and customers or to match the products and services offered by i

This competition could "put downward pressure on prices and fees for JPMorgan Chase's products and services or could cause JPMorgan Chase to lose market share."

Last week, Bank of America (BOA) released its annual SEC report which also contained a mention of cryptocurrencies as a threat to their business, with the risk of competition described in very similar terms: "The widespread adoption of new technologies, including Internet services, cryptocurrencies and payment systems, may require significant expenditure to modify or adhere to. to fit our existing products and services. "

JP Morgan Chase CEO Jamie Dimon had made waves in September 2017, when he called Bitcoin (BTC) a" fraud " and threatened to dismiss any employee who traded BTC on the accounts of the company. Since then, Dimon has retreated slightly, telling a Cointelegraph reporter at the World Economic Forum in Davos that he's not a "skeptic" on cryptocurrencies.

In early February, an alleged internal JP Morgan Chase report referred to cryptocurrencies as "innovative" and "unlikely to disappear" also noting the potential for cryptocurrency to be successfully applied to traditionally problematic or slow payment system areas, such as cross-border payments.