The months-long war between the US and Iran is still not over. As tensions between the two countries escalate again, Bitcoin (BTC) fell below $77,000 on Sunday night as markets reacted to US President Donald Trump’s latest threat against Iran via Truth Social.
As Bitcoin trendes downwards due to renewed tensions and inflation concerns, Iran is preparing to launch a maritime insurance platform called ‘Hormuz Safe’ that supports cryptocurrency payments such as Bitcoin (BTC).
According to Fars News Agency, Iran’s Ministry of Economy plans to manage the Strait of Hormuz through insurance.
The system in question uses blockchain technology for instant payments and bypasses the SWIFT network and Western intermediaries as part of a strategy to reduce reliance on dollar-based financial infrastructure.
The “Hormuz Safe” platform is said to support payments made with Bitcoin and other virtual assets in insurance premium and payment processes.
The report stated that some within the Iranian government predicted that the platform could generate over $10 billion in revenue if it captured a significant share of the maritime insurance market in the Persian Gulf.
The biggest obstacle is the possibility that regulatory authorities in major ports such as Rotterdam and Singapore may not recognize “Hormuz Safe” insurance certificates.
It is also stated that ship owners, trading companies, and port authorities who conduct transactions with the platform risk facing secondary US sanctions and potentially being excluded from the US financial system.
*This is not investment advice.
