Chinese Marketing Mogul Appoints Pro-Blockchain Executive

A leading Chinese marketing and management behemoth, ChinaNet, has announced that vibrant and pro-blockchain Mr. Yingguo Guo is now the new Chief Technology Official (CTO) of the company, according to a press release today.

ChinaNet Hires Pro-Blockchain Executive

ChinaNet is a NASDAQ-listed company (Nasdaq-CNET). According to the company’s website, ChinaNet is “integrated online advertising, precision marketing, and data analysis and management services platform” that is focused on providing comprehensive data analysis for its clients to help improve their business outcomes as well as create efficient enterprises. 

In the announcement, the company said that Yingguo will use his leadership capabilities and wealth of experience in technological innovation to help ChinaNet to expand its interest in the development of blockchain technology. 

Speaking about the new development, Mr. Handong Cheng, Chairman, President, and CEO of the company, shared his gratitude for having such a talent in his executive team. “We are excited about the addition of such high-caliber talent to ChinaNet,” he said, adding that “with over ten years of experience in the technology industry, Yingguo’s proven track record in developing strategies and optimizing systems for internet platforms will help drive our growth and streamline our expansion efforts going forward.”

Yingguo has founded two technology companies. One of them – Twinkle Entertainment Technology Co., Ltd. (“Twinkle”) – is an electronic ticketing platform based on the blockchain technology. He has also worked as an executive in different technology companies in several countries, including the famous Chinese multinational conglomerate, Tencent. 

The Rise of Blockchain in China

China may soon become a global blockchain hub as the country continuously fuels its interest in blockchain technology. In October, President Xi Jinping declared his support for the technology, encouraging the nation to increase its investment in the blockchain sector. According to President Xi, “Blockchain should be made an essential way and main direction to drive China-led technology innovation.” 

Following Xi’s official endorsement of the blockchain, reports revealed that the country is set to inject as much as $2 billion into its blockchain sector by 2023. Notably, another report emerged that South China’s Province, Hainan doled out 1 billion yuan ($143M) to startups to promote the development of the blockchain industry in the region. 

Aside from its plans to increase the country’s investment in blockchain, China is on the verge of releasing a central bank digital currency. 

Pro-Blockchain, But Anti-Cryptocurrencies

Despite China’s growing interest in blockchain, the country remains uptight about its clampdown on cryptocurrency trading. The Central Bank of China released an updated version of its regulatory framework, clarifying that China’s support for blockchain is not an approval for cryptocurrencies. According to the update, cryptocurrencies are still illegal in the country due to their speculative nature and other risks tied to crypto issuance and trading. 

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