The Iranian government is developing a new "insurance model" to monitor ships passing through the Strait of Hormuz. According to the Fars News Agency, the Iranian Ministry of Economy plans to generate over $10 billion in revenue for the national budget through this system. The initiative intends to provide ships with marine insurance policies and certificates of financial responsibility, reports Cointelegraph.com reports .
Reports have circulated on social media suggesting that these insurance payments could be accepted in Bitcoin via a website called "Hormuz Safe." However, there are serious doubts regarding the authenticity of this platform, and the site is currently inactive. Experts warn that this may be a fraudulent scheme.
Against the backdrop of tensions between the U.S. and Iran, the Strait of Hormuz is a strategic point accounting for one-fifth of global oil trade. U.S. sanctions on Iranian assets, particularly funds in the form of Tether USDt (USDT) and the freezing of accounts, may be driving Iran to utilize cryptocurrencies.
Previously, reports emerged that Iran was accepting the Chinese yuan, Bitcoin, and stablecoins like USDT instead of the U.S. dollar for oil trade. Nevertheless, the Iranian government has not yet officially confirmed this insurance project, and the legal status of the proposed mechanism remains uncertain.
Read “Zamin” on Telegram!
