Iran has launched Hormuz Safe, a state-backed digital maritime insurance platform for vessels transiting the Persian Gulf and the Strait of…
Iran has launched Hormuz Safe, a state-backed digital maritime insurance platform for vessels transiting the Persian Gulf and the Strait of Hormuz, supporting settlement in Bitcoin and other cryptocurrencies. Backed by Iran’s Ministry of Economic Affairs, the platform aims to bypass SWIFT and Western intermediaries. Iranian government insiders reportedly estimate that the platform could generate over $10 billion in revenue if it captures a meaningful share of the Gulf shipping insurance market. It still faces challenges including international recognition and the risk of U.S. secondary sanctions.
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