Russian authorities have recently labeled one of the leading independent media outlets in the country as a â€œforeign agent.â€ Such a maneuver led Meduza to set up a fiat and crypto fundraiser to survive the consequences of labeling.
Fund Will Accept Donations in Bitcoin, Ethereum, and Binance Coin
According to an editorial statement published by the outlet, the Russian Justice Ministry added Meduza on April 23 to its â€œforeign agentâ€ media list. It implies that every news piece or social post they do should be accompanied by a message, notifying their readers about its new status.
However, the Meduza team says that Kremlin considers them an â€œenemy of the stateâ€ with such labeling. It will make the journalistic routines more complicated, such as looking for sources or reporting any news, the statement added.
Afterward, advertisers stopped their business ties with the news outlet, which cut a financial flow that keeps alive to the outlet, and they expect a further loss of a â€œsignificant number of our advertisers in the coming weeks.â€
That said, Ivan Kolpakov, Meduzaâ€™s editor-in-chief, announced the launching of a fundraiser to accept donations via bank card payments, Paypal, or digital currencies such as bitcoin (BTC), ethereum (ETH), and binance coin (BNB).
Per the â€œforeign agentâ€ legislation adopted in 2012, Russia requires nongovernmental organizations that receive â€œforeign assistanceâ€ and that are â€œengaged in political activitiesâ€ should be registered with such label, as well as being audited by the authorities, including their financial activities.
Meduza was on the top-10 most quoted Russian-speaking internet sources ranking in 2020.
Can the Journalists Be Paid in Cryptocurrencies to Bypass Future Sanctions?
But there could be more dangerous implications in terms of financing the media outlet. In fact, the editorial statement pointed out the following in regards to the journalistsâ€™ compensations after the â€œforeign agentâ€ designation granted to Meduza:
However, the outlet didnâ€™t mention further plans on how they will proceed, aside from setting up the fund.
What do you think about crypto fundraisers helping media outlets as an alternative source of income? Let us know in the comments section below.
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