- Iran has launched a Bitcoin-backed maritime insurance service called Hormuz Safe for ships transiting the Strait of Hormuz.
- The state-backed platform aims to bypass Western financial systems and monetize control of the critical shipping lane, with projected revenues exceeding $10 billion.
- The move follows recent demands for Bitcoin payments for oil shipments and signals Tehran’s increasing use of cryptocurrency to circumvent sanctions.
Iran has announced the launch of a Bitcoin-backed insurance service for shipping companies needing to transit the strategic Strait of Hormuz, according to a state news agency. The platform, called Hormuz Safe, represents a direct effort to use cryptocurrency settlements to bypass Western financial systems and monetize control over one of the world’s most critical shipping lanes.
Consequently, this initiative is designed to issue maritime insurance policies and liability certificates, providing instant coverage upon payment confirmation with policies digitally verified and settled in Bitcoin. Official estimates suggest it could generate more than $10 billion in revenue for Tehran.
However, this launch follows recent policy shifts, as Iran began demanding Bitcoin for oil ships looking to transport through the strait less than a month ago. The route has seen significant disruption since U.S. and Israeli airstrikes began against Iran on February 28, prompting Tehran and the Islamic Revolutionary Guard Corps to tighten control.
Meanwhile, due to tightening sanctions, Iran has increasingly favored cryptocurrencies like BTC and stablecoins for global trade in recent years. Most recently, the country has informed ship operators that passage will require digital currency payments, including Bitcoin, with a proposed toll of roughly $1 per barrel for crude carriers, according to the Financial Times.
Iran’s new ordeals towards embracing Bitcoin at such a critical time signal renewed interest in the asset. The fact that Bitcoin was trusted during peak geopolitical unrest showcases its evolution into a dignified financial instrument, despite its price falling below $80,000 over the weekend as tensions re-intensified.
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