Social media giant Facebook on Tuesday unveiled plans backed by some of the biggest names in social media and global finance to launch a new digital currency, a move that could transform the global financial system.

Facebook has teamed up with the likes of Mastercard, Visa, PayPal, Naspers’ fintech business PayU, and Vodacom’s parent company, Vodafone, to form Libra Association, an entity that will be responsible for management of the new digital coin.

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