Dmitry Tokarev, chief executive ofcrypto custody company Copper, said today that central banks and regulators were right to worry about Facebook's stablecoin Diem that brings new risks to consumers and savers as well as to the global financial system. Well-structured stablecoins with appropriate legal, regulatory and governance controls have a valuable role to play in the world economy and could bring the benefits of crypto technology to an entirely new generation of users.

It is reported that Facebook could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. It is now a matter of when, not if. The clock is ticking for the regional or national regulators that do not have a similar digital-asset framework in place.

By Amy Liu