China gags crypto millionaires in fight against ‘luxury on the internet’
Users of social media platforms like X and Instagram are accustomed to seeing crypto millionaires posting snapshots of their extravagant lifestyles. However, one nation’s millionaires are notably absent from the gaudy feed of crypto influencers: China. In an attempt to enforce communist culture on mainland residents, the country’s internet regulator recently outlawed extravagant displays of wealth on social media. China’s Cyberspace Administration attracted attention to the rule by deleting a number of popular celebrities’ social media accounts. These included the 4.3 million-follower account of ‘China’s Kim Kardashian’ Wang Hongquanxing, which now shows an inaccessibility notice for ‘violation of self-discipline.’ “Once materialism starts spreading, it can have a bad influence on teenagers,” wrote state-controlled Beijing News about the crackdown. ”Hence this trend of luxury on the internet needs to be stopped.” According to state-controlled publ...