World

Bukele plans world’s first “Bitcoin City” for El Salvador

Published

2 years ago

December 1, 2021

Bukele plans world’s first “Bitcoin City” for El Salvador

Nayib Bukele has revealed that El Salvador will look to become the world’s first “Bitcoin City” with plans having already been drawn up.

Indeed, the Central American country already has the potential to make it happen after it introduced Bitcoin Law earlier in 2021, with the Bitcoin becoming a form of legal tender permitted within the nation. Now, it seems that Bukele is ready to double down on the ideas and ambitions that he has in regards to digital assets, as he continues to feel it can fuel investment within the region.

The idea of the “Bitcoin City” was revealed at an event that took place over an entire week in which the president was speaking at and mentioned that the project would be funded initially by bitcoin-backed bonds. Planned to be located in the eastern region of La Union, it would get geothermal power from a volcano and would not levy any taxes on those situated there, except for the traditional value-added tax (VAT). Nayib Bukele, who spoke in English at the event and was dressed in all white and wearing a baseball cap with it on in reverse, exclaimed: “Invest here and make all the money you want. This is a fully ecological city that works and is energized by a volcano.”

The president revealed that half of the VAT that would be levied would be used to fund the bonds that were issued to build the city, whilst the other half would then be used to pay for services such as refuse collection, before estimating that the public infrastructure would come to a cost of around 300,000 bitcoins.

Bukele has already likened his plan to the cities that were founded by Alexander the Great, as he revealed that “Bitcoin City” would be circular, that would have a number of residential and commercial areas, as well as an airport and a central plaza design that would look like a bitcoin symbol from above.

“If you want bitcoin to spread over the world, we should build some Alexandrias,” he said.

Progress made regarding crypto in El Salvador already

As highlighted already, El Salvador has made some strong advancements in regards to cryptocurrency, with the digital asset having already become a form of legal payment method within the country. This is brilliant for some within the country, as many have turned to virtual currency for a number of purposes including, as well as purchasing other services and products where they possibly can.

Nonetheless, Bukele could face some resistance to his plans to provide El Salvador with the world’s first “Bitcoin City”. There is no doubt that the president is one of the most popular that the nation has had in recent memory, however, the opinion polls would suggest that they are not as popular about crypto as they are about him. According to some that have been produced, many Salvadorans are sceptical about Bukele’s love for crypto and the rocky introduction that was experienced has led to a number of protests against his government.

The plans could be about to get set in motion in the very near future, with the El Salvador president stating that the country plans to issue the initial bonds in 2022 and within 60 days time.

“Financial center of the world”

There is excitement from some about the financial power and impact that the Central American country could have in the future, with the chief strategy officer of blockchain technology provider Blockstream, Samson Mow, revealing that the first 10-year issue, which will be known as the “volcano bond” will be worth $1 billion and backed by bitcoin whilst carrying a coupon of 6.5%.

Following the first five years, El Salvador would then start to sell some of the bitcoin that had been used to find the bond to give its investors an “additional coupon”, thus positioning the value of the crypto to continually rise.

“This is going to make El Salvador the financial centre of the world,” he said.

In order for this to happen, El Salvador’s government is currently working on a securities law, whilst the first licence to operate an exchange would go to Bitfinex, Mow confirmed. The crypto exchange was listed as the book runner for the bond on a presentation that had been made.

World

LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

Published

2 mins ago

May 2, 2024

Subhashree Panda

LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

A shooting incident that took place at the Athletic Club of Las Vegas on Wednesday afternoon is currently the talk of the town.

In the wake of the incident, a man linked with the shooting incident has been taken into police custody.

Reportedly, the incident occurred shortly after 1:30 p.m. in the 9600 block of W. Flamingo Road.

Fox5 reported that, when the police officials reached the scene, they discovered a male suspect inside a car. Police asked the man a few questions and tried to contact him, but the man refused to come out of the vehicle.

Suspect Arrested

SWAT and crisis negotiators arrived at the scene and the male suspect was apprehended. More information about the story is not available yet.

The place where the shooting occurred has been placed on lockdown temporarily, reported Times Now.

In regard to the incident, one person wrote, “Cops and helicopters everywhere, And so many gunshots were fired. The helicopter was talking through the microphone. What’s going on?”

Following the incident, an increased presence of police and law enforcement officials could be spotted in the area.

Also Read: Chelsea NYC Shooting: One Dead, One Arrested in Gunfire On West 24th Street

World

Warren High School Stabbing Incident: School Placed Under Lockdown, One Student In Custody

Published

21 mins ago

May 2, 2024

Subhashree Panda

Warren High School Stabbing Incident: School Placed Under Lockdown, One Student In Custody

The Warren High School stabbing incident has dominated the media headlines. In connection to this stabbing incident, a student has been taken into custody.

Two students were involved in a brawl in which one stabbed another. The victim suffers life-threatening injuries, reported NBC.

The incident occurred on Wednesday at Warren High School in Downey, California. The school confirmed the incident in a Facebook post.

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A post shared by Downey PD (@downeypolice)

It stated that the academic institution was placed on a brief lockdown in the wake of the incidents. Furthermore, all students were safe.

Announcement by Warren High School

The school wrote,

“There has been an incident between two students at Warren High School that warranted a lockdown and the lockdown has been cleared. At this point, we can confirm one of the students is receiving medical treatment due to an injury to a sharp object. Downey Police have the student in custody.”

Warren High School added,

“Police are conducting an investigation and students are remaining in class for now. All students and staff on campus are safe. Additional information will be sent as soon as possible.”

According to Times Now, as per the reports available, classes of the students resumed at 2 p.m. Parents were also provided with an option to take their kids safely back home for the day.

Situations that resulted in the incident haven’t been made public yet.

Also Read: Chelsea NYC Shooting: One Dead, One Arrested in Gunfire On West 24th Street

World

Christopher Bouie Jr Video: Minor Arrested For Sanford, Florida Shooting Leaving 10 Injured

Published

1 hour ago

May 2, 2024

Subhashree Panda

Christopher Bouie Jr Video: Minor Arrested For Sanford, Florida Shooting Leaving 10 Injured

A surveillance video has surfaced on social media showing the nightclub shooting that took place in Florida early Sunday, reported by the New York Post.

In the shooting, Tank Dell, the Texans wide receiver, sustained minor wounds.

Police apprehended Christopher Bouie Jr. in connection with this shooting incident. He is accused of being the first to open fire.

The shooting occurred at Cabana Live in Sanford, which is a 30-minute drive north of Orlando, where Dell was hit by a stray bullet.

According to a video shared by Fox 35, when the shooting began, approximately 200 attendees who were at the nightclub quickly fled the scene.

A fistfight can be seen in the surveillance video following the shooting incident.

The Investigation

Police are currently investigating a man who came forward to return fire.

Sheriff Dennis Lemma, in a press conference, said,

“That unknown person could absolutely be justified under Florida’s self-defense laws to pull out a gun and return fire if someone else is firing at them.”

The Sheriff added,

“We just don’t know the circumstances until we can find that person.”

the video shows two gunmen exchanging fire, with Dell standing just between them.

As a result, a total of 10 people were shot and injured in this nightclub shooting incident, most of them receiving life-threatening gunshot wounds.

Dell received a minor wound and was subsequently released from healthcare.

Who is Christopher Bouie Jr?

According to TimesNow, Christopher Bouie Jr., a 16-year-old, was identified by authorities as the person who initiated the shooting. He was arrested and taken into custody. A juvenile detention center has been booked for him.

The arrest report from the Seminole County Sheriff’s Office states that a security guard managed the situation by tackling him to the ground and confiscating the gun.

Christopher Bouie faces multiple charges including possession of a firearm by a minor, use and display of a firearm during the commission of a felony, and discharging a firearm on public property.

Also Read: Dominic James Burris, 18 YO Arrested In Minneapolis Nudieland Mass Shooting