Iran launches Bitcoin-backed maritime insurance for Hormuz transit

Iran has launched a Bitcoin-based maritime insurance service for cargo transiting the strategically vital Strait of Hormuz, according to a report from the country's semi-official Fars News Agency. The initiative, called Hormuz Safe, represents a further step by Tehran to formalize its control over the waterway, which has been effectively closed to most commercial shipping since late February.

The service, reportedly backed by Iran’s Ministry of Economy and the newly established Persian Gulf Strait Authority, offers cryptographically verifiable insurance policies for shipments passing through the Persian Gulf and the Strait of Hormuz. According to the Fars report, premiums are paid in Bitcoin or other cryptocurrencies, with claims settled directly on the blockchain. Cargo is covered from the moment of confirmation, and owners receive a signed digital receipt. Iranian officials project the program could generate more than $10 billion in annual revenue.

This move follows months of regional instability and a prolonged maritime security crisis. Since the onset of hostilities, Iran has severely restricted transit through the strait, a chokepoint for roughly one-fifth of global oil...