Iran Introduces Bitcoin-Powered Insurance Platform for Strait of Hormuz Vessels

Iran has launched a state-supported digital insurance platform called Hormuz Safe, designed for ships sailing through the Persian Gulf and the Strait of Hormuz.

Backed by Iran’s Ministry of Economic Affairs, the platform enables insurance payments using Bitcoin and other cryptocurrencies. The initiative is intended to bypass traditional global banking channels, particularly the SWIFT network and Western financial intermediaries.

Iranian officials have suggested that, if widely adopted in regional shipping markets, the system could potentially generate over $10 billion in revenue. However, analysts note that its adoption may be constrained, particularly due to limited global acceptance and the risk of secondary sanctions from the United States.

Source: Iran International