Iran announced that it will launch a Bitcoin-backed service to provide insurance for shipping firms who want to pass through the Strait of Hormuz. Hormuz Safe is a state-backed platform that uses cryptocurrency to bypass Western banking systems to monetize Iran’s control of one of the most important shipping routes in the world.
Fars News Agency reported that Hormuz Safe was designed to provide maritime insurance policies, liability certificates, and instant coverage for ships using this key shipping route. Policies are digitally verified, and settlements in Bitcoin. According to estimates, it could produce more than 10 billion dollars in revenue for Tehran.
It comes less than one month after Iran demanded Bitcoins for ships that wanted to move oil through the Strait of Hormuz. Since the US-Israel airstrikes began against Iran on February 28, the oil route has been severely disrupted, prompting Tehran to increase its control of the Strait. Iran’s global trade has been influenced by several restrictions and sanctions that have tightened in the last few years. This includes BTC as well as stablecoins. According to Financial Times, Iran has recently informed ship operators of the need to pay digital currencies, such as Bitcoin, to pass through the Strait of Hormuz.
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Iran’s recent ordeals in embracing Bitcoin during a time of critical importance signal renewed interest. Bitcoin being trusted during a period of geopolitical instability shows that the asset has slowly evolved into an instrument deserving of respect and faith. BTC’s prices dropped over the weekend, despite the fact that tensions between Iran and the US were heightened. The king coin fell below $80,000. BTC was trading for $76,000 at the time of publication.
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Source: watcher.guru
