However, for some – and perhaps for many – supervisors abroad, implementing pillar 2 will be an even greater challenge and a more significant event, potentially introducing a material change in their role.
They are not money, nor will they become money in the foreseeable future. They lack the official recognition and backing of a public authority. Their market share is still small, the amount of money at risk in financial market infrastructures is insignificant and their ties to the real economy are still limited. 4/5  BIS central bankers' speeches  But this can change.