Iran Launches Bitcoin-Based Shipping Insurance Platform to Bypass SWIFT

The Iranian government has unveiled a new digital platform named Hormuz Safe, designed to provide insurance for vessels operating in the Persian Gulf and the Strait of Hormuz. This service allows payments in Bitcoin and other cryptocurrencies, as reported by Fars News Agency.

Managed by the Ministry of Economy, Hormuz Safe aims to circumvent the SWIFT system and Western financial intermediaries amid ongoing sanctions. The insurance will cover various risks, including vessel inspections, detention, and confiscation.

Iranian officials project that the platform could generate upwards of $10 billion if successful. Previously, there were discussions about collecting transit fees from tankers in Bitcoin or yuan, with potential payments reaching $2 million per vessel based on cargo volume.

Hormuz Safe claims to offer shipping companies rapid verification and transactions at "blockchain speed." However, the platform currently lacks international recognition and could expose users to secondary sanctions from the United States.

In related news, Bitcoin's value has recently fallen below $77,000, trading at $76,854, a decrease of 1.9% from the previous day.

Analysts from QCP noted in April that while shipping through the Strait of Hormuz has resumed, it may not necessarily lead to the lifting of supply restrictions or alleviate inflationary pressures stemming from rising oil prices.