Iran’s economy ministry is working on a system that will allow marine insurance transactions to be paid with bitcoin in the Strait of Hormuz, one of the central points of international shipping. According to Fars News Agency, known for its closeness to the state, within the framework of this new plan, insurance policies, financial liability certificates and payments for cargo transported by sea can be made directly via cryptocurrency.
Details of the Hormuz Safe platform
A new platform called “Hormuz Safe” is mentioned in the project. This platform is designed to provide special insurance coverage for maritime cargoes passing through the Persian Gulf, the Strait of Hormuz and surrounding waters. According to Fars News Agency, the policies will be activated quickly upon receipt of payment confirmation, will be cryptographically verified and a digital receipt will be delivered to the cargo owner. However, only one landing page is displayed on the platform’s website; Details regarding policy conditions, insurance companies, exclusions and damage processes have not yet been shared.
In light of the published information, it has not yet been confirmed whether the Hormuz Safe platform has become operational or which cargo owners have used this system to date. In the review conducted by CoinDesk, no definitive information could be found about whether the application is actually active or not.
Economic and geopolitical goals are at the forefront
Fars News Agency states that the model in question could provide Iran with an income of over 10 billion dollars. However, it was not disclosed how this amount was calculated and the method behind this estimate is not clear.
The project aims for Iran to use its geopolitical advantage in the region as a structure that generates income through insurance and financial liability certificates for ships, instead of directly demanding transit fees. The Strait of Hormuz is known as one of the world’s most sensitive and busy energy routes, and a large portion of global oil transportation passes through it.
An insurance-based structure is considered more indirect than a direct toll. Instead of paying a formal toll, ship owners will purchase insurance, liability certificates or inspection-based coverage; At that point, payments could become obligatory before Tehran can access the waters it claims to secure.
Payments and sanctions with Bitcoin
Iran’s aim to receive transaction fees in bitcoin with this project is in line with the country’s long-standing effort to reduce its dependence on dollar-centered systems due to foreign sanctions. In this context, requiring payment in BTC for large transactions such as marine insurance stands out as part of Iran’s strategies to create an alternative to global financial systems.
According to Fars News Agency, thanks to the presented model, Iran has the chance to evaluate its strategic position in the region and is looking for a way to generate income without imposing a direct toll.
However, due to international regulations, payments to Iran-linked institutions still bring various sanctions risks. Whether the payments in question are made via bank, stablecoin or bitcoin, user companies will need to conduct a detailed legal review.
Comprehensive details about the implementation have not yet been shared and it is not clear whether the project will be implemented. But if the plan goes into effect, bitcoin will be used as a means of payment for one of the world’s most strategic trade corridors.
