I understand that the intended goal of this policy is likely orthogonal to the argument presented, but it's a surprisingly weak argument in face of all the previous attempts showing the contrary. You can effectively point to South Korea, where they relented on this [2], after the intended effect was shown to be practically insignificant, while simultaneously putting users at increased risk.
[1] https://www.penny-arcade.com/comic/2004/03/19
[2] http://english.chosun.com/site/data/html_dir/2011/12/30/2011...