George Mason University professor Larry White talked about the challenges of implementing CBDC and its impact on the financial sector in a podcast. He talked about the inherent model of the CBDC currently planned by China and the United States: Some people said that it would be implemented on distributed ledgers, but that was only a minority. The main model currently proposed is to allow ordinary people and businesses to open accounts in the books of the Federal Reserve System, which is currently only possible in commercial banks. Once CBDC becomes a reality in the United States, the Federal Reserve will be involved in retail banking and retail payment services in a great way. Along with these changes, the CBDC has also had a serious impact on privacy. Once people's accounts are owned by a federal government agency, privacy will be less protected than it is now.