All this negative press regarding bitcoins as a medium for fraud and narcos makes me really uneasy
If this keeps coming in, there will surely be consequences in the form of a blanket ban on bitcoins. Since we indians love to ban anything and everything, and the ones who place the ban will not have thought things through, but just put forth a motion to immediately ban bitcoins in order to stop the proliferation of this type of fraud.
Can we do something about this? Such as create a small lobby group to promote bitcoins in India through positive reports in the media, we can highlight some of the impact bitcoins have had world over and also in India?
This will cost money, no doubt but also consider the implications of a ban : it will affect the lives of a lot of us who trade extensively in bitcoins. They cannot "ban" bitcoins per se, but can make it illegal to own and trade bitcoins (like Russia has done already) - this will mean we can be held responsible for merely having a wallet with coins.
I am more than willing to put some money into a lobby group along with some others of this forum if anyone shows interest - we can discuss how to take this forward.
