Iran Introduces Bitcoin-Backed Insurance For Ships Crossing Strait of Hormuz

Key points

• Iran Introduces Bitcoin-Backed Insurance For Ships Crossing Strait of Hormuz Published By, Last Updated: May 18, 2026, 23:02 IST Iran launches Bitcoin-backed shipping insurance in the Strait of Hormuz, promising major revenue as tensions with the US rise over security and nuclear demands.
• Iran has launched "Hormuz Safe," a Bitcoin-backed insurance service for shipping companies that want to transit the Strait of Hormuz.
• (AFP photo) Iran has started a Bitcoin-backed insurance service for shipping companies wanting to transit the Strait of Hormuz, according to a report by Fars news agency.
• Citing documents from Iran’s Ministry of Economy and Financial Affairs, the semi-official Iran media stated that this service could generate more than $10 billion in revenue for the Islamic Republic.
• However, they did not give a time frame or a breakdown of how the service would work.