Iran Launches Indurance Payment in Bitcoin for Ships Passing Through Hormuz

The major issue of dispute between America and Iran for the last few weeks has been the blockage in the important sea route Hormuz Strait. Iran has launched an insurance platform paid in Bitcoin for ships passing through the Strait of Hormuz. This is Iran’s new attempt to gain revenue from this sea route and increase control over it.

The Strait of Hormuz is an important sea route for the transportation of crude oil and gas globally. The Strait of Hormuz is very important for the import of oil and gas in many countries of West Asia including India. However, no solution has been found in the talks between America and Iran regarding opening this sea route. A media report states that Iran has launched what is called ‘Hormuz Safe’. Bitcoin Maritime insurance platform linked to has been launched. Shipping firms and cargo owners seeking access to Bitcoin and other cargo from Hormuz cryptocurrencies Insurance premium will have to be paid.

The government of Iran is expected to get revenue of about 10 billion dollars from this. This service will initially be applicable to Iranian shipping firms and cargo owners and its scope will be expanded later. However, it was not clear whether this insurance fee was separate from the toll Iran already charges to allow ships to pass through Hormuz.

Recently, India had refuted the claims that a deal has been made with Iran for the movement of ships from Hormuz. Some media reports said that scammers have asked ship owners to pay in crypto for safe passage from Hormuz. At least one ship has fallen victim to this scam. This ship was fired upon while leaving Hormuz. India’s Shipping Ministry had reported that no payment had been made for the safe passage of Sanmar Herald. After assessing the situation by the Ministry of External Affairs and the Shipping Ministry, ships belonging to India stranded in the Persian Gulf are given the green signal to cross the Strait of Hormuz.