If there is no privacy, then there is already an existing financial system that no one would prefer to use which can be easily tracked by institutions. It's my money and no one should be able to track it. Without privacy and decentralization, bitcoin would be a loyalty token as many of the stores give.

I would personally go for a privacy-based system rather than a centralized open system.

https://twitter.com/priyabrata404/status/1228746312234885120