# Professor David Yermack discusses the impact Facebook's virtual currency proposal could have on the payments industry

1 Faculty News June 24, 2019 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from [Financial Times](https://www.ft.com/content/2b9e2190-940a-11e9-aea1-2b1d33ac3271?FTCamp=engage/CAPI/webapp/Channel_Moreover//B2B) -- "The idea marks a 'long overdue' attack by Big Tech on the payments industry, says David Yermack, a finance professor at New York University’s Stern School of Business."

[Read more](https://www.ft.com/content/2b9e2190-940a-11e9-aea1-2b1d33ac3271?FTCamp=engage/CAPI/webapp/Channel_Moreover//B2B)