There has been some discussion at the last couple of crypto conferences about possible ways around this plan. (I guess the idea goes back at least a year or two.)
One idea is to register a 2048 bit public key. You have to give the secret key to the government in order to use the registry. But what you do is to create a second key and embed it in the first. It is, say, a 1024 bit key which is the lower half of the 2048 bit key. It has different secret factors that nobody but you knows. Then when people send you messages they encrypt using this modulus rather than the official one.
You get the benefit of the government-sponsored key certificate infrastructure, but the government is not able to crack your communications.
Sorry, but the government generates all keys. Otherwise people might mess up and choose insecure keys.