‘Innovation Zones’ promoted by Nevada governor would create semi-autonomous county at behest of Blockchains LLC | Carson City Nevada News - Carson Now

‘Innovation Zones’ promoted by Nevada governor would create semi-autonomous county at behest of Blockchains LLC | Carson City Nevada News - Carson Now

"A proposal created by Blockchains LLC and circulated in the Legislature describes the fantastical contours of a plan to create a semi-autonomous county that slowly assumes powers of the county it’s based in and is supported by a cryptocurrency known as “stablecoin.” The plan, obtained by The Nevada Independent, includes draft language creating “Innovation Zones,” a concept touted by Gov. Steve Sisolak in his State of the State address last month but that otherwise has not been described publicly in detail. Sisolak touched on the idea as one element of an economic development plan to create close to 200,000 jobs and help Nevada dig out of a crushing, pandemic-driven recession. It comes as the company argues existing rules governing municipalities are too inflexible for the kind of revolutionary project Blockchains LLC hopes to realize.The proposal by Blockchains LLC would create essentially autonomous districts that function as a county-within-a-county, taking over responsibilities such as tax collection, K-12 education and other services normally provided by county governments. Such “zones” could only be created by a private developer who owns more than 50,000 acres of land (such as Blockchains), promises to invest up to $1 billion in the Zone and agrees to levy an industry-specific tax on an “innovative technology” based in the Zone itself. The bill language has not yet been submitted to legislative bill drafters, and could change substantially between the initial version and whatever version is introduced in the Legislature."