Reports suggest Iran is mulling Hormuz ‘insurance’ scheme, paid in Bitcoin

Screenshots of a website called “Hormuz Safe” have been circulating on social media, which offers “digital insurance” for ships passing through the Strait of Hormuz.

Iran is reportedly considering a plan to exercise control over the Strait of Hormuz through an “insurance-based model,” with some speculating, based on an unverified website, that it could be paid in Bitcoin. 

On Saturday, Fars News Agency, an Iranian news outlet closely affiliated with the Islamic Revolutionary Guard Corps, reported that the Iranian Ministry of Economic Affairs plans to manage the Strait of Hormuz through insurance, citing a state document it obtained. 

However, other reports say Iran is looking to take payments for the “insurance” in Bitcoin through a website called “Hormuz Safe,” with a widely circulated screenshot of the purported site selling “Secure Digital Insurance for Maritime Cargo.”

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