China Cracks Down on Flaunting Wealth Online
China has declared a war on flaunting wealth on social media platforms, particularly when it comes to cryptocurrencies. Recent measures are aimed at combating what authorities see as a harmful influence, especially on the younger generation.
Strict Measures Imposed
Internet regulators in China have imposed a ban on publishing content related to luxury displays. The Chinese cyberspace administration has deleted numerous accounts and posts, including those of celebrities like Wang Qiangyuanxin, known as the «Chinese Kim Kardashian,» for violating self-discipline guidelines.
Crackdown on Platforms
According to reports, over 4,700 posts showcasing wealth have been removed from Douyin, the Chinese version of TikTok, and more than 380 accounts have been closed on Xiaohongshu, the Chinese version of Instagram. These actions are part of a larger campaign to control content that promotes materialism and negative influences.
Crypto Wealth in China
In China, flaunting crypto-wealth often involves displaying expensive cars like Lamborghinis and luxury accessories like Rolex watches. While many crypto millionaires showcase their success online, some prominent figures like Bobby Lee of BTC China and Changpeng Zhao’s mother of Binance prefer to keep a low profile.
Significant Role in Crypto Industry
Despite limited displays of wealth, Chinese investors play a crucial role in bitcoin mining and cryptocurrency project development, often achieving substantial incomes in the process.
