Digital currencies and fintech projects must have a clear legal status as they potentially threaten the traditional banking sector. Jamie Dimon, CEO of JPMorgan Chase, announced in a letter to shareholders.
$JPM Chairman and CEO, Jamie Dimon, releases his Annual Letter to Shareholders.
— J.P. Morgan (@jpmorgan) April 7, 2021
Among the main risks, the head of the financial holding named the growth of shadow banking, improper use of financial data and cybersecurity threats.
“JPMorgan is aggressively adapting to the new challenges of increasingly competitive digital platforms and advocating for a level playing field,” he wrote.
Jamie Dimon emphasized that the complexity of the current regulation of the cryptocurrency market in the United States lies in the different views of government agencies on the industry.
JPMorgan estimates that about 58 fintech companies with a market capitalization of over $ 1 billion are currently competing for customers, offering faster, more efficient payment services.
Daimon added that if banks do not strengthen their positions, they risk “becoming a thing of the past.”