Iran is reportedly considering a plan to exercise control over the Strait of Hormuz through an "insurance-based model," according to reports citing an Iranian state document. 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. Unverified reports also suggest Iran could accept payments for the "insurance" in Bitcoin through a website called "Hormuz Safe." The Strait of Hormuz handles approximately one-fifth of the global oil trade and has been a central point of tension in US-Iran conflict, with many ships prevented from transiting after US airstrikes began in late February.
## Reported Insurance Framework Details
According to Fars News, the insurance platform would distinguish between transit vessels from different countries. "Under the Economy Ministry's plan, managing the Strait through an insurance framework would enable the issuance of various marine insurance policies as well as certificates of financial responsibility," Fars News reported, adding that the framework could generate over $10 billion in revenue for Iran.
Media reports state that Iran collected its first revenue from tolls imposed on ships transiting the Strait last month—a measure not in place prior to the US-Iran conflict.
## Unverified Website and Bitcoin Payment Claims
Reports circulated a screenshot of a purported website called "Hormuz Safe" offering "Secure Digital Insurance for Maritime Cargo." However, the website was down at the time of reporting, and there is no guarantee that Iran will proceed with the insurance proposal. The website purporting to offer "Iranian Digital Insurance" could be fake.
Scammers have previously defrauded shipping companies operating in the Strait of Hormuz by demanding payment in cryptocurrency for safe passage, raising authenticity concerns.
## Bitcoin as Payment Method: Context
Demanding insurance payments in Bitcoin could align with recent developments in Iran's approach to sanctions. US authorities froze $344 million worth of USDT tied to Iran last month. Earlier reports indicated that Iran had been accepting oil tolls in US dollar-denominated stablecoins such as Tether USDT, as well as Bitcoin and fiat currencies such as the Chinese yuan, with USDT reportedly the preferred cryptocurrency.
Industry observers have noted that Bitcoin is viewed as more appropriate for sanctioned countries due to its decentralized nature and lack of an issuer capable of freezing funds. In early April, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union stated that certain ships could pass through the strait by paying a tariff of $1 per barrel of oil in Bitcoin. "Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can't be traced or confiscated due to sanctions," the spokesperson said at the time.
