Bloomberg: Iran Launches 'Bitcoin Support' for the Hormuz Strait Shipping Insurance Mechanism

BlockBeats News, May 18th, according to Bloomberg, Iran has begun to introduce a Bitcoin-based insurance arrangement for shipping through the Strait of Hormuz to cope with the current high-risk navigation environment in the strait.

Recently, Iran has launched a marine insurance platform called "Hormuz Safe" to provide digital insurance services for vessels passing through the Strait of Hormuz, allowing payments in cryptocurrency including Bitcoin.

Against the backdrop of US-Iran tensions and increased risks in the Strait of Hormuz, war risk insurance premiums for ships have surged. Bloomberg previously reported that the insurance cost for some vessels transiting the Strait of Hormuz has now risen to about 5% of the vessel's value.