Blockchain firm announces plans for crypto city in Nevada

15 Feb 2021

Blockchain investment company, Blockchains LLC is boosting plans to construct a smart city in the Nevada desert.

During an interview with Associated Press, CEO of the company, Jeffrey Berns announced he has asked the state of Nevada to allow him to form a local government on land the firm owns in Storey County, Cointelegraph reports.

Should the petition be a success, Blockchains LLC will be permitted to run as an “innovation zone,” allowing it to impose taxes and create courts.

This is in addition to incorporating digital currency payments for goods and services and holding records on the blockchain.

The CEO added that how the government is currently formed isn’t ideal for creating a community based on blockchain, cryptocurrencies and other tech.

He suggested the cryptocurrency city be a place “where people are willing to just start from scratch.”

The land was originally purchased by Blockchains back in January 2018 for $170 million. At that time, Berns stated the crypto city idea would feature the Blockchains campus, a content creation studio, an e-sports arena, and residential properties, the Cointelegraph report goes on to say.

Despite the firm’s plans to construct 15,000 homes in the crypto city within 75 years, residential development is not currently permitted on the majority of the land.

As such, this would limit the property to 3,500 homes.

If lawmakers in Nevada accept these so-called innovation zones, three people could potentially “govern” private tech firms' properties with over 50,000 acres which also promise a $1 billion investment.