Iran has unveiled a Bitcoin-backed insurance scheme for shipping companies operating through the strategically vital Strait of Hormuz, as tensions with the United States and Israel continue to disrupt global trade routes. According to Iran’s semi-official Fars News Agency, the platform, known as Hormuz Safe, offers “fast, verifiable digital insurance” for Iranian shipping firms and cargo owners transiting the Persian Gulf and surrounding waterways, with payments settled in Bitcoin.
The move comes as Tehran tightens its grip on the Strait of Hormuz, a crucial global energy corridor that has faced severe disruption since the escalation of conflict involving the US and Israel earlier this year. Iran has reportedly introduced tolls and restricted passage through designated routes near its coastline, with some vessels allegedly paying up to $2 million for safe transit.
While Iranian authorities are positioning the initiative as a technological solution for maritime trade, analysts have questioned the practicality of a Bitcoin-based insurance model due to the cryptocurrency’s extreme volatility and the risk of breaching US sanctions on Iran.
The development also underscores Tehran’s growing reliance on cryptocurrencies to bypass Western sanctions, particularly following renewed economic pressure under US President Donald Trump. Iran recently established the Persian Gulf Strait Authority to oversee traffic management in the Strait of Hormuz, signalling a broader push to formalise control of one of the world’s busiest shipping lanes.
The insurance scheme has also been linked to controversial Iranian businessman Babak Zanjani, who previously served time in prison over corruption and sanctions-related offences. Zanjani had promoted the idea of a Hormuz shipping insurance mechanism shortly before the announcement was made public.
Despite an uneasy ceasefire between Washington and Tehran since April, negotiations over access to the Strait remain deadlocked, with thousands of vessels reportedly affected by the ongoing standoff.