What El Salvador’s proposed ‘Bitcoin City’ will look like

Published

1 year ago

November 23, 2021

El Salvador plans to build a Bitcoin city at the base of a volcano – and according to the nation’s president the cryptocurrency will fund the project

El Salvador’s new Bitcoin city will be circular to represent the shape of a large coin and will be built in the south-eastern region of La Unión, President Nayib Bukele said.

The site would take advantage of the Conchagua volcano’s geothermal energy to power Bitcoin mining, he added.

El Salvador recently became the first country to use Bitcoin as legal tender.

The move led to large-scale protests over fears the cryptocurrency would bring instability and inflation to the impoverished Latin American count

Bukele addressed a raucous crowd at a promotional Bitcoin event in the coastal town of Mizata late on Saturday, and stated that the planned new city would “include everything”.

“Residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail – everything devoted to Bitcoin,”
the 40-year-old said.

President Bukele, who appeared on stage wearing a baseball cap backwards, stated that no income taxes would be levied in the city, only value added tax referred to as VAT

The President confirmed that half of the revenue gained from this would be used to “to build up the city”, while the rest would be used to keep the streets “neat and clean”.

Mining Bitcoin and other cryptocurrencies is done using sophisticated computers to solve complex mathematical problems. It is costly, difficult and takes up large amounts of energy.

Mr Bukele did not provide dates for construction or completion of the city, but said he estimated that much of the public infrastructure would cost around 300,000 Bitcoins.

One Bitcoin is currently trading at just under $60,000.

In September, El Salvador introduced the virtual currency as a legal tender, alongside the US dollar.

Sam Bankman-Fried accused of conspiring to bribe Chinese officials

Published

3 days ago

March 29, 2023

ticker NEWS

The charge is added to his list of indictments since the collapse of FTX

The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.

The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.

Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.

He has pleaded not guilty to eight of the 12 prior counts he faces.

The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.

A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.

Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.

The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.

Crypto

Celebrities busted over illegal crypto scheme

Published

1 week ago

March 24, 2023

ticker NEWS

Agreements have been settled without admitting guilt

Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.