Bad, bad idea.

Practical problem - who monitors the chip? Are you sure your government will be friendly to you during the next 40 years? What is to prevent a government from converting the chip into the same as a criminal's electronic bracklet? What is to prevent a government from requiring all to be fitted with a chip and then use the chip for monitoring behaviors and administering rewards and punishments, ala fines, for whatever is current "bad" behavior? Hitler would have loved to have this technology to put in all the Jews.

Religious problem - Rev 13:16,17
"And he causeth all, both small and great, Rich and poor, free and bond,
To receive a mark on their right hand, Or on their forehead.
And that no man might buy or sell, Save that he had the mark,
Or the name of the beast, Or the number of his name."

This will be a problem for serious Christians.