trading gold is illegal

[mynameisdon]

i am confused that why government neglect bitcoin?
bitcoin have function as gold.Goldsmith and gold dealer aften buy gold in low rate and sell it to high rate.this can be also seen in bitcoin trading.

now question is that why some people and government take bitcoin as a point of storing black money?
gold rates are also flexible as like bitcoin. people also can store gold by buying it with black money.
in some country bitcoin is also banned by government. so i think they also should ban gold.

what different do you think in both? describe please.

[hao567tao]

some country think bitcoin could be used in Money laundering,it's harmful to the country's finance

[philiveyjr]

It mostly has to do with the understanding of bitcoin by the policy and law makers and their personal interests. A lot of people believe that bitcoin is produced out of thin air and therefore has no value and is just a ponzi. Gold on the other hand is not as such, hence it is considered to be legal.

[btvGainer]

It mostly has to do with the understanding of bitcoin by the policy and law makers and their personal interests. A lot of people believe that bitcoin is produced out of thin air and therefore has no value and is just a ponzi. Gold on the other hand is not as such, hence it is considered to be legal.

Bitcoin is untraceable and anonymous.And more importantly,Government can contol the supply of gold which is not the case with bitcoin.Another reason,one can use bitcoin directly to buy anything but this is not the case with gold.Gold is a commodity and bitcoin a currency

[skang]

 
Gold is supposedly regulated, sure, but the government has no idea how much private gold India has.
There are many instances where gold is simply passed on from generations to next.
India's government regulated gold is miniscule with respect to private gold reserves.

[stingers]

some country think bitcoin could be used in Money laundering,it's harmful to the country's finance

well yes, this indeed is true. Bitcoin is facilitating money launder. I have myself seen it and have come across people in Delhi who are laundering money out of India through BTC.

[masakali]

Yes some people use bitcoin to launder money, but this is very very very small compared to the Gandhis and the Bofors and the Mallayas who launder money via Rupees and Swiss accounts. So let us ban rupees itself?

As with any worthwhile invention of substance, there will be ways to use it for the betterment of mankind and there will be ways to use it for fraudulent activities.

[pratap11]

Trading gold is illegal in India i didnt know about that.
I thought gold trading would be legal in india surely because gold market in under control of government they can trace it and can also take taxes on it as well