There is also the crucial point which Augustin Carstens makes11 that usage of crypto-assets “relies on the oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts… [We must] not allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides...”.
The region, as whole, decided to put the adoption of Basel 2 on hold following criticisms of the approach in the wake of the eruption of the international financial crisis in  BIS central bankers’ speeches  1  mid-2007. Five years later, one might even perhaps question why the region is not focusing on Basel 3 at this time.