Iran rolled out something called Hormuz Safe… a state-backed maritime insurance setup for vessels operating in the Persian Gulf and Strait of Hormuz. Payments and settlements can be done with Bitcoin and other crypto.
The platform handles digital certificates and faster processing. It’s clearly designed to work around normal banking channels and SWIFT, especially with the tensions in the region. That strait moves a huge amount of the world’s oil and LNG, so anything affecting shipping there tends to matter.
I’ve been watching oil and shipping-related moves through Bitget futures and CFDs lately, and It’s one of those cases where Bitcoin shows up in actual day-to-day operations…
But Bloomberg reported that U.S. naval forces redirected or blocked several commercial vessels near the Gulf, including a Greek-operated tanker transporting nearly 2 million barrels of Iraqi crude oil to Vietnam. Ship-tracking data showed that some Chinese and Iranian-linked vessels continued sailing across parts of the Strait despite increasing restrictions.
Not sure how big it gets… What do you guys make of it?
https://coinedition.com/iran-introduces-bitcoin-based-maritime-insurance-platform-for-hormuz-shipping/
17 Comments
Ironically, Bitcoin was supposed to be for the people. It was also supposed to be utilized against tyrannical governments. Now it’s being used by tyrannical governments against tyrannical governments.
So Iran is charging for protection from attacks it may cause? That sounds like extortion, using cryptocurrency.
So much winning. . .
Satoshi right meow
Mine the strait and provide the insurance, that is a novel business idea that’s for sure
Iran at the frontline of crypto technology lolol
Wonder why they didnt use Ethereum to program the payments and all. Make it much more streamlined.
This is not the PR or use case BTC wants.
I think if you charge someone an insurance premium when the threat is you, so you don’t attack them/their property, it is traditionally called extortion.
Finance for terrorists!
Where is the platform? Sounds like bull ass
Trump is gonna be pissed off- how dare they think up a better crypto scam than he can and not have the decency to pay his usual percentage 😆
how is this even insurance?? so if the ship is sunk by natural disasters enroute, is iran on the hook? i suppose not so privacy it is!
Is that why we are going down?
I’d be a little skeptical given the recent news about scammers impersonating Iranian officials and offering shipping companies safe passage.
https://cybernews.com/crypto/scammers-iranian-officials-bitcoin-ships-strait-hormuz/
Good to see there is actually a real world use case for Bitcoin at least. Never thought I’d see the day.