Wordpress wp_schedule_event localhost cURL error 7 - wordpress

Question

I'm trying to schedule a simple event that should clear a transient daily at 23:59 UTC.
While investigating, I installed WP Crontrol as a debugging means. And noticed that my events were successfully added to the CRON custom events job task but were not firing, additionally I noticed the following error statement from WP Crontrol:
There was a problem spawning a call to the WP-Cron system on your site. This means WP-Cron events on your site may not work. The problem was:
cURL error 7: Failed to connect to localhost port 8080: Connection refused.
More information
I'm currently assuming that this is due to the fact that I'm developing on localhost.
Did anyone already encountered that type of issue, and what were the steps you took to fix it?
Just in case, following are my current scheduled event related functions.
/**
* Daily users_online transient clear
*/
if (! wp_next_scheduled ( 'wp_schedule_event_delete_transient_users_online' ) ) {
wp_schedule_event( strtotime( '23:59:00' ), 'daily', 'wp_schedule_event_delete_transient_users_online' );
};
add_action( 'wp_schedule_event_delete_transient_users_online', 'delete_transient_users_online' );
if ( ! function_exists( 'delete_transient_users_online' ) ) {
function delete_transient_users_online() {
delete_transient( 'users_online' );
};
};