Unfortunately, the coronavirus pandemic (COVID-19) doesn’t just affect human health. Given that full quarantine was required in many countries, many companies have had to close their doors and the economy is ready to suffer. Bars around the world are among the hardest hit.
One of the bars that had to be closed due to quarantine is theEmbassy Bar in Mexico, known as the name suggests, is a kind of crypto message in the country’s capital. But far from giving up in the face of difficulties, the administrators decided Create your own token to overcome these months of quarantine.
The main purpose of the Bitcoin Embassy Token (BEMB) is to serve cash customers to pay for their consumption there, either through their online shop now or in the future when the store can return to normal operation. This is a token created on the Waves blockchain platform and its price is in principle 0.75 Mexican pesos (MXN) per unit. In the future, it will stabilize at 1 MXN for each token (equivalent to approximately $ 0.04).
According to his official site:
“This sign is designed to help customers support the Bitcoin Embassy Bar, as the company has had to temporarily close its doors due to the hygiene measures derived from COVID-19. Rents, wages, etc.) to a certain extent. “
It also clarifies that The BEMB does not require regulation by the National Banking and Securities Commission (CNBV).It is not intended to serve as financial security, nor does it promise future profit. In fact, it is a kind of stable coin, since its value will never exceed that of the Mexican peso.
The only financial benefit that customers can get is to buy it early for $ 0.75 and to spend it after the pandemic at a price of $ 1. It would serve as a discount for the products of the bar, which not only offers drinks, but also starters, hamburgers, salads, sandwiches, pizzas, grills, hot dogs and desserts.
The BEMB can be purchased on the Tauros Mexican Stock Exchange and its spending is unlimited depending on user requirements. Despite everything, administrators warn that there is a possibility that the bar will not reopen and the token loses its value, so the risk should be considered before buying.
The problem of the bars
Due to the expansion of the quarantine, an estimated 40,000 bars in Spain alone could permanently close their doors and lose around 207,000 jobs. Figures are similar in other countries: Colombia, for example, has calculated that this type of facility, including those that continue to sell at home, will see an 80% drop in sales.
In the latter country, the “Help a la carte” platform was created by Bavaria, Colombia’s most important brewery. It is an initiative similar to the BEMB, in which bar customers have the opportunity to buy bonds that can preferably be redeemed at the bar after the pandemic.
Bars are hit hard by the current circumstances, but thanks to these types of projects, they can still survive. With that in mind, the Bitcoin Embassy Bar illustrates this Everyone can create their own token and copy this survival method.
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