> the banks/governments give the people devices to use for these things,

The devices will cost "a reasonable amount" and have GPS tracking "for your safety".

Most banks here (nl) give you a dumb coincell battery powered code-calculator, either with or without smartcard access to your banking-card. Basically some form of TOTP or challenge-response system.

Those devices have no network, no connectity, no gps, and no interface besides a tiny 7-segment lcd display and some 0-9 buttons for pincode entry.