Jeffrey Berns, CEO of Blockchains, stated that he had requested the Nevada administration to permit the establishment of a domestic governance system on the 67,000 acres owned by his firm in Storey County.
If his proposal receives approval, along with clearance for integrating crypto payments for products and services and storing documents on the blockchain, the blockchain business will be permitted to act as a “innovation zone,” under which a firm will be able to levy taxation and create courts.
The manner in which the government has been set up currently, Berns believes, is not suitable for building a society focused on blockchain, cryptocurrency, and other disruptive technologies.
He suggested the cryptocurrency centered city as a location “where people are prepared to start from scratch.”
In January 2018, Blockchains initially bought the property for a sum of $170 million. During that period, Berns stated that the Blockchains office, a content production lab, an e-sports stadium, and residential assets will feature the suggested crypto area.
While the CEO also intends to construct 15,000 houses in the crypto-centric town within 75 years, residential construction is not currently approved on a major portion of the company’s properties, with prevailing license permitting only 3,500 homes.
If Nevada legislators support these innovation areas, three individuals could theoretically “govern” the assets of private tech firms with over 50,000 acres that also pledges a capital outlay of $1 billion.
Considering CEO Elon Musk’s well-known affinity for cryptos such as Bitcoin (BTC) and Dogecoin (DOGE), this law may likely have an impact on the Tesla Gigafactory, which is situated in the same county. Notably, in that region, Amazon also runs a fulfillment centre.
Berns stated that by 2022, he expects Blockchains to begin construction of the Smart City.