Financial market participants need to take into account the increased interdependencies. As clearly described in the CPSS report, they need to adopt a holistic approach to risk management, in particular as banks have increasingly relied on wholesale and secured funding. And they need to focus on liquidity and operational risk.
Even if virtual assets currently don’t have the capacity to fulfil the original vision, they did bring to the surface two very interesting issues: the potential of blockchain technology, and the future role of central bank money in the modern financial infrastructure.