For non-state actors. Government(s) will obviously get exemptions in ways we won't find out until later. Look at GDPR and the EU commission.
All police-like institutions will likely have full access right from the beginning, because of child pornography, terror or other "serious crimes".
That will be softened and weakened by the time until someone finds out this system was misused for stalking some VIP or because police wanted to catch a guy who had 10 grams of weed.
It's all happened before, it will happen again.
These digital wallets and digital currency systems will just be used to enforce taxation.
Meanwhile, where do all those taxes go? To the welfare state (ie. pensions and healthcare for baby boomers), and to maintain the bureaucracy.
The GDPR does apply to governments in general (see Article 2) but criminal law enforcement authorities are exempt.