What is the most that governments can do if they decide to regulate wallets?

[bettercrypto]

The government wanted to do that for a long time, but they couldn't because Bitcoin was different from what they thought they could control. They really want to regulate the wallets, they really want to have manipulation here.

       Because the obvious reason why they want to do that is because they can impose a tax on every transaction that will be done in the wallets. They can only do this if it is under centralization, that's why Bitcoin is stored on the blockchain so it's really vague.

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[Agbe]

The only way they can do is to ban banks from making transactions with cryptocurrency (bitcoin) and also centralized exchange. But as for open source wallet, they can not do it because there is nobody there to tell him or her that they should stop using wallet. Government don't even know when I am doing my transactions with my friends on p2p. So they can't stop individuals to stop using bitcoin. But can only stop corporate companies who registered their companies under the government control.
I can vividly remember what happened in the Endsars protest in Nigeria. The Federal Government was trying to find out where the funds were gotten to sponsor the protest by all no avail, they could only found out the ones that were transferred to the Fiat Bank and they arrested those bank accounts owner and frozen others. But for the wallet there was no trace so there had to let it go. I like decentralized system for that.