Iran Launches Bitcoin-Backed Insurance Service for Strait of Hormuz Shipping, Eyes $10B In Revenue
Bitcoin Magazine
Iran has introduced 'Hormuz Safe,' a Bitcoin-settled maritime insurance platform targeting vessels in the Strait of Hormuz to generate significant revenue.Summary
Iran has launched 'Hormuz Safe,' a state-backed insurance platform that accepts Bitcoin for maritime vessels passing through the Strait of Hormuz. By utilizing Bitcoin, Iran aims to bypass U.S. sanctions and generate an estimated $10 billion in revenue. The service covers risks such as vessel inspection and detention, further formalizing Iran's recent transit toll system managed by the Islamic Revolutionary Guard Corps.
(Source：Bitcoin Magazine)