Iran Launches Digital Insurance for Hormuz Strait Navigation Security, Settled in Bitcoin and Other Cryptocurrencies

BlockBeats News, May 18th, Iran has launched the state-backed digital marine insurance platform Hormuz Safe, issuing maritime insurance policies for vessels passing through the Persian Gulf and the Strait of Hormuz, and settling payments through Bitcoin and other cryptocurrencies.

It is reported that the platform is supported by the Iranian Ministry of Economy and aims to bypass SWIFT and Western intermediaries, reducing reliance on traditional financial infrastructure. Supporters within the Iranian government anticipate that if it gains a significant share of the Persian Gulf shipping insurance market, revenue could exceed $10 billion. The platform still faces issues of international recognition and risks of secondary U.S. sanctions, with initial clients possibly limited to vessels already operating in the sanctioned gray area.