Another chilling effect may be in motivating barter rather than currency trade so that assets may undervalued. Consider real estate trades or corporate mergers instead of cash purchases that are executed at deflated valuations to lower wealth valuations of the underlying asset. This devalues the dollar in relation to assets.
This was my thought as well. If you discourage holding stocks and things over other assets as stores of value, I think that could have some deflationary effects. Not only that, but companies are then somewhat disincentivized from growing in valuation, but finding ways to grow in their reach/authority/power etc. The end result seems deflationary... i.e. companies worth more for less dollars.
