Iran has been evading sanctions by accepting payment via Bitcoins on ships traveling through the Strait of Hormuz. This was revealed in a U.S. Treasury Office of Foreign Assets Control announcement released Friday.
OFAC has sanctioned companies linked to the Iranian regime that are accused of this. Since the U.S., Israel and Iran attacked Iran, in February, ships have barely passed through the Strait of Hormuz. This is where one fifth of all the oil on the planet passes.
OFAC stated that the Iranian Ministry of Economy developed Hormuz Safe. “accepts payment in Bitcoin and other digital assets” It can therefore bypass any sanctions.
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” Scott Bessent is the Secretary of Treasury.
“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”
The OFAC statement added that two firms — the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority (“Hormuz Safe”) — accused of running an IRGC-backed scheme forcing commercial vessels to buy mandatory “insurance” Transit the Strait of Hormuz
Bloomberg First, reported In May, Iran launched a Bitcoin-backed service of insurance for Iranian shipping firms.
The U.S. has announced earlier this month that they have frozen crypto related to the Iranian government, mainly in the form Tether stablecoin.
Bitcoin is not a stablecoin. It’s a decentralized asset that has no central issuer.
If the Strait of Hormuz is closed, experts have warned of a possible recession due to the conflict between Iran and the U.S.
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Source: bitcoinmagazine.com
