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>>Iran launches Bitcoin-supported insurance for vessels crossing the Strait of Hormuz

Iran launches Bitcoin-supported insurance for vessels crossing the Strait of Hormuz

crypthub

5/18/2026, 7:53:51 PM

Bitcoin Use for Sanctions Evasion

Iran is increasingly utilizing Bitcoin (BTC) to circumvent U.S. sanctions. This shift follows the freezing of over $344 million in USDT linked to Iran's central bank. BTC offers a necessary alternative due to its permissionless, global liquidity. Using Bitcoin for shipping fees undermines existing U.S sanctions mechanisms.

New Shipping and Insurance Mechanisms

Iran unveiled 'Hormuz Safe,' a Bitcoin-backed insurance service for shipping companies. This service provides fast, verifiable digital insurance for cargo owners. Additionally, the PGSA was established as the legal entity managing transit through the Strait of Hormuz. These specialized services require necessary fees paid to Iran.

Global Economic Strategy

The move positions Iran as a potential major Bitcoin hub. The Strait of Hormuz handles about 20% of global petroleum consumption. Estimated passage fees generate significant revenue for the Iranian government. This high demand for BTC could potentially cause a global supply shock.