Iran Reportedly Launches Bitcoin-Based Shipping Insurance for Hormuz Passage

Although there’s no clear resolution in sight for the ongoing war between the US and Iran, and the impact on crypto markets has been predominantly negative, new reports have doubled down that passage through the Strait of Hormuz could involve bitcoin.

Citing new information from the semi-official Fars News Agency, Walter Bloomberg indicated that Iran has introduced a BTC-settled insurance service for vessels passing through the Hormuz.

This Hormuz Safe is designed to cover ships transiting the strategic waterway and could generate over $10 billion in revenue, some sources added.

The Kobeissi Letter added that the service will be for “Iranian shipping companies and cargo owners.” The shipment will be covered from the moment of confirmation, and a signed receipt will be given to the owner, read the reports.

Recall that previous reports from over a month ago claimed that Iran planned to charge passing ships with up to $2 million in bitcoin. The new update didn’t shed any light on that particular matter, as it remains unclear if the insurance service will be charged in addition to tolls.

Bitcoin’s price reacted with an immediate surge after the previous report, and it’s already up by a grand since its local low charted earlier today. BTC now trades at $77,700 after it dipped below $76,600 earlier.

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