Blockchain firm wants to build crypto-city in Nevada

Blockchain firm wants to build crypto-city in Nevada

  • CEO Jeffrey Berns said the smart city could include digital currency payments for goods and services, as well as records on the blockchain.
  • Blockchain incubator and investment firm Blockchains LLC is still planning to build a smart city in the Nevada desert east of Reno.

In an interview with the Associated Press on Saturday, Blockchains CEO Jeffrey Berns said he has asked the state of Nevada to allow him to form a local government on the more than 271 square kilometres the company owns in Storey County. If the request is granted, the Bitcoin Profit blockchain company would be allowed to operate as an „innovation zone“ where a company would be allowed to levy taxes and establish courts. Payments in digital currency for goods and services and record-keeping on the blockchain would also be allowed.

Berns claimed that the way government is set up now is not ideal for creating a community built on blockchain, cryptocurrencies and other innovative technologies. He explained the crypto-city was a place „where people are willing to just start from scratch“.

Blockchains originally bought the property in January 2018 for US$170 million

At the time, Berns said the proposed Crypto City would include a Blockchains campus, a content creation studio, an e-sports arena and residential real estate. While the CEO hopes to build 15,000 homes in the crypto-city within 75 years, residential development is currently not allowed on most of the company’s land. This limits the property to 3,500 homes.

If Nevada lawmakers accept these innovation zones, three people could „rule“ the properties of private tech companies covering over 200 square kilometres. These also promise an investment of US$1 billion. This legislation could potentially affect the Tesla Gigafactory, located in the same district, given Tesla CEO Elon Musk’s apparent affinity for cryptocurrencies such as Bitcoin (BTC) and Dogecoin (DOGE). Amazon also has a fulfilment centre in the area.

Berns said he wants to lay the foundation for the smart city with blockchains by next year.