If that were it....
In this scheme, every transaction with require authorization by the government. It may pull the rug under a lot of crime, but it will give the government unprecedented power over ordinary citizens. We will not be able to do a thing as simple as using the subway without explicit permission of both the payment provider and the government. Removing the ability to pay is as simple as pressing [ENTER] in this society but to the individual this is in effect a death penalty.
Everyone who believes that government or corporations will not use this power is kidding themselves. It's a path down to totalitarianism. And once we are there there will be no way back to freedom as long as the leaders are committed totalitarians.