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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.