Tehran proposes Bitcoin-settled maritime insurance to bypass sanctions, targeting $10 billion in revenue for Strait of Hormuz transit.
Iran’s Revolutionary Guard Corps has launched Hormuz Safe, a platform allowing Bitcoin-settled maritime insurance for cargo passing through the Strait of Hormuz. The initiative aims to generate over $10 billion for Iran by offering cryptographically verifiable policies for ships in the Persian Gulf and surrounding waterways.
The plan, explored by Iran’s Economy Ministry since late April, follows earlier proposals to demand Bitcoin payments from oil tankers. However, weak insurer participation and sanctions-related tracing risks may limit adoption, analysts said.
State media reported the platform provides instant coverage upon confirmation, with payments settled in Bitcoin to evade financial restrictions. Europol has previously flagged thousands of IRGC-linked social media posts promoting similar initiatives.