Strait of Hormuz shifts to crypto settlement! Why is Iran pushing for Bitcoin "maritime insurance"?

Iran Launches "Hormuz Safe," Targeting the Strait of Hormuz Maritime Insurance Market According to local media Fars News, Iran is advancing a new maritime insurance mechanism called "Hormuz Safe," and for the first time has incorporated Bitcoin ($BTC) into the maritime settlement system related to the Strait of Hormuz, drawing significant attention from international markets. According to multiple media outlets and Iranian sources, the plan primarily targets oil tankers and commercial ships passing through the Strait of Hormuz, providing insurance services related to war risk, blockade risk, and maritime safety, while allowing a portion of fees to be settled in Bitcoin. The Strait of Hormuz has long been one of the most important energy shipping lanes in the world, with approximately one-fifth of global crude oil transportation passing through this region. Each day, large volumes of crude oil and natural gas from Saudi Arabia, the UAE, Kuwait, and Iraq are shipped through these waters to Asian and European markets. Due to the recent ongoing escalation of tensions in the Middle East—including the U.S.-Iran conflict, Israeli military operations, and the Red Sea shipping crisis—global shipping and energy market risks have risen rapidly, and insurance premiums have also increased substantially in tandem. Iran's launch of a Bitcoin settlement mechanism is widely viewed as an attempt to reduce the impact of the U.S. dollar financial system and international sanctions on its energy and maritime systems. According to currently disclosed information, "Hormuz Safe" aims to potentially reach an annual scale of $10 billion in the future, and hopes to attract shipping and energy companies from Asia, the Middle East, and certain emerging markets to participate. Bitcoin Becomes an Alternative Settlement Tool Under Sanctions Iran has long been subject to U.S. financial sanctions, which have caused it to face significant restrictions in U.S. dollar settlement, international insurance, and the SWIFT financial system. In recent years, the Iranian government has continuously sought alternative financial tools, including gold, RMB, cryptocurrencies, and bilateral trade mechanisms. Years ago, Iran had already permitted some importers to use Bitcoin to pay for overseas goods, and had promoted the cryptocurrency mining industry as one of its sources of foreign exchange. CryptoSlate, in related analysis, pointed out that this incident once again highlights Bitcoin's characteristic as "Neutral Money." When geopolitical conflicts escalate and U.S. dollar payment systems face restrictions, Bitcoin has begun to be viewed by some countries and enterprises as an alternative cross-border settlement tool. Because Bitcoin itself does not rely on any single country's financial system, nor does it need to be cleared through traditional banking networks, it holds a certain appeal for sanctioned countries. However, Protos has raised questions about this. The report argues that if commercial vessels do not participate in the relevant insurance and settlement mechanisms, they may face higher risks and premium pressure in the future, and therefore some observers have described it as a kind of "strait passage protection fee." In addition, whether the United States and Western countries will further expand sanctions against related Bitcoin addresses, enterprises, or settlement platforms in the future has also become a focal point of attention. Further reading: Iran collects "Hormuz toll" in Bitcoin! A fully loaded oil tanker must pay $2 million per trip Maritime Insurance and Cryptocurrency Intersect on a Large Scale for the First Time The traditional maritime insurance market has long been dominated by London, Europe, and large international insurance institutions, with related claims, risk assessment, and reinsurance systems highly dependent on the U.S. dollar financial system. Now, Iran's attempt to establish an independent insurance settlement framework through Bitcoin also represents cryptocurrency beginning to further enter the traditional energy and shipping markets. A report by CoinDesk indicates that if the relevant mechanism is officially implemented in the future, it could change the payment patterns of certain high-risk routes. Especially for some sanctioned countries, gray trade regions, and energy export markets, cryptocurrency provides a new option beyond traditional finance. Because Bitcoin can be transferred quickly across borders without going through traditional bank reviews, it holds a certain appeal for some shipping and energy companies. On the other hand, this also reflects that the use of cryptocurrencies is gradually extending from speculative assets to geopolitics, international trade, and cross-border financial industries. In the past, Bitcoin was more often viewed as digital gold, but now it has begun to appear in more complex financial scenarios such as insurance, energy, logistics, and international settlement. Especially as global discussions on de-dollarization have intensified, countries including Russia, Iran, and some BRICS nations have all begun to more actively explore alternative payment networks. Middle East Tensions Rise, Cryptocurrency Begins to Enter the Core of International Politics In recent years, tensions in the Middle East have continued to escalate. The military and financial confrontations between Iran, the United States, and Israel have all added pressure to the energy and shipping markets. As a global energy lifeline, the security and passage issues of the Strait of Hormuz are themselves highly sensitive. Any blockade, military conflict, or rise in insurance risk could directly impact global oil prices and shipping costs. Now, Iran's direct incorporation of Bitcoin into maritime insurance and settlement mechanisms has also brought cryptocurrency more directly into the core issues of international energy security and geopolitics for the first time. For the crypto industry, such events also represent that Bitcoin's role is gradually transforming. It is no longer merely a highly volatile asset in the investment market, but has begun to be viewed by some countries and enterprises as a practical financial instrument and cross-border payment solution. Currently, the relevant plan still faces considerable uncertainty, including the actual number of participating enterprises, insurance claims capabilities, the degree of international recognition, and possible countermeasures the United States may subsequently take. However, as global geopolitical risks continue to rise, the connections between cryptocurrency and international politics, energy finance, and cross-border payments are also becoming increasingly deep. (The above content was excerpted and reprinted with authorization from partner 加密城市, original link)