Iran has introduced a proposed platform for Bitcoin-settled insurance covering vessels in the Strait of Hormuz, according to recent reports. The plan, named Hormuz Safe, could generate more than $10 billion in revenue. It remains unverified with the site showing a coming soon page and no official government confirmation.
IRGC-affiliated Fars News reported on May 16 that Iran's Economy Ministry has developed the mechanism since early May. The platform would settle marine policies and certificates in Bitcoin for ships transiting the strait, which handles about 20 percent of global oil and liquefied natural gas shipments under normal conditions.
