The rise of privacy-based coins is coming to avoid further unprecedented actions towards decentralized institutions. What i'm taking away from all this, is governments see crypto's as a threat to their current system structures, no doubt backed by banks, the ability for a poor man in India to become a Millionaire is something that will not be tolerated. That's my opinion.
For me, what government doesn't want from decentralized institutions is that they can't earn from it thru tax because they can't track if there citizen has transactions with these kind of institutions.
What we will be seeing more of in the future is XRP clones, with centralized and manipulated infrastructures.
As if who is knowledgeable and loves decentralization would tolerate this kind of technology which is not open sourced.
While taxes are a concern I do not think that is what they are the most worried about, they are worried about losing control, with a decentralized currency the governments is not as strong, they cannot steal from you by imposing new taxes, now you need to allow to be taxed by them since they cannot take that money by the force, not only that, you can do as you wish with your money and they cannot block you the same way they can block your bank accounts.