Iran Launches Bitcoin Insurance for Strait of Hormuz Shipping
BeInCrypto
Iran has introduced Hormuz Safe, a state-backed platform allowing shippers to pay for maritime insurance premiums using Bitcoin.Summary
Iran has launched "Hormuz Safe," a state-backed insurance platform that enables cargo ships transiting the Strait of Hormuz to pay for coverage using Bitcoin. By bypassing traditional banking and SWIFT systems, the initiative aims to reduce dependence on the U.S. dollar and generate over $10 billion in annual revenue. The service provides instant digital verification upon blockchain confirmation, targeting Iranian entities and other Persian Gulf operators affected by international sanctions.
(Source：BeInCrypto)