Infographic: Libra cryptocurrency by Facebook

Facebook has officially revealed plans for its much anticipated global cryptocurrency LibraCoin, with the backing of a number of major companies.

Facebook’s ambitions for the new currency, called LibraCoin, were made clear as it claimed 1.7 billion people around the world without a bank account would be able to use it to make instant and nearly free international money transfers from their mobile phones.

With traditional banks and the other large technology companies sitting on the sidelines for now, and with regulators taking a cautious approach to digital currencies, Facebook on has began the task of persuading merchants to use Libra as a means of payment and consumers to see it as a safe store of value.