Iran Considers Hormuz Insurance Scheme Potentially Paid in Bitcoin, Could Generate Over $10B

According to Fars News Agency, on Saturday, Iran is considering managing the Strait of Hormuz through an insurance-based model that could be paid in Bitcoin. The Iranian Ministry of Economic Affairs reportedly plans to issue marine insurance policies and certificates of financial responsibility, potentially generating over $10 billion in annual revenue. A website called "Hormuz Safe" has circulated online purporting to offer such insurance services.

The shift toward Bitcoin follows the U.S. freezing of $344 million in USDT tied to Iran last month. Industry analysts note that Bitcoin's decentralized nature makes it more resistant to sanctions compared to stablecoin alternatives. Earlier reports indicated Iran had been accepting oil tolls via Bitcoin and fiat currencies, with stablecoins previously serving as the preferred payment method.