It's possible but not close to the same. They don't have real-time intel on bank transactions via ACH. Those are submitted via batch. Same with wires. They also can't freeze bank accounts without some work. The two other big downsides besides having all of the control centralized is the absence of cash and also the automation of taxation. They will tax every penny, and start penalizing you by taxing specific purchases, which allows them to build a social credit score. Credit scores of today are no where close to a social credit score. Social credit scores take into account everything you do and buy, not just if you've paid loans on time. Everyone should use cash as much as possible. You will miss it when it is gone.