Iran Explores Crypto-Based Maritime Insurance for Ships Passing Through Hormuz
Iran is reportedly exploring a new cryptocurrency-based maritime insurance system aimed at reducing reliance on traditional banking networks and international payment channels.
According to Iranian state media reports, the proposed platform, called “Hormuz Safe,” would be linked to vessels traveling through the Strait of Hormuz, one of the world’s most important oil shipping routes that handles a significant share of global crude oil trade.
The proposed system would provide insurance coverage for ships and cargo moving through the Strait of Hormuz and the Persian Gulf. Shipping companies could reportedly pay insurance premiums using cryptocurrencies such as Bitcoin and other digital assets.
Reports suggest the platform would operate entirely online, allowing shipping operators to choose insurance coverage, complete payments using crypto assets, and receive digital proof of insurance after blockchain verification. The system is intended to function independently of traditional banks and international insurers connected to the SWIFT financial network.
Analysts believe the move could help Iran reduce exposure to international sanctions while expanding the use of digital financial systems in maritime trade.
At the same time, experts have cautioned that online payment systems can also create opportunities for scams or fraudulent actors pretending to offer official shipping or insurance services.
Iranian authorities have stated that the proposed system would operate in a secure and controlled digital environment designed to protect users and prevent cyber threats.
