The Iranian authorities have launched a digital platform called Hormuz Safe for insuring vessels in the Persian Gulf and the Strait of Hormuz. The service accepts payments in Bitcoin and other cryptocurrencies, according to Fars News Agency.
The project is overseen by the country's Ministry of Economy. Its primary goal is to bypass the SWIFT system and Western intermediaries amid ongoing sanctions. The insurance covers risks of inspection, detention, and confiscation of vessels.
According to Fars, Iranian officials expect to generate over $10 billion if the platform succeeds. Previously, industry representatives discussed collecting transit fees from tankers in Bitcoin or yuan, with such payments potentially reaching $2 million per vessel depending on the cargo volume.
Hormuz Safe promises shipping companies quick verification and transactions "at blockchain speed." However, the platform lacks international recognition, and its use could lead to secondary sanctions from the U.S.
In this context, Bitcoin's price has dipped below $77,000. At the time of writing, the digital asset is trading at $76,854 (-1.9% over the past day).
For reference, in April, analysts from QCP stated that the resumption of shipping through the Strait of Hormuz does not guarantee the lifting of supply restrictions or a decrease in inflationary pressure due to rising oil prices.