Iran is reportedly examining a plan to control and monetize ship traffic through the Strait of Hormuz by introducing an insurance model, with indications that payments might be accepted in Bitcoin. The proposal comes amid ongoing tensions between Iran and the United States, where the narrow shipping lane plays a crucial role in global oil transport.
The Strait of Hormuz handles about one-fifth of the world’s oil shipments, making it a strategic chokepoint. Recent media reports say Iran has started collecting tolls from vessels transiting the strait following increased US military activity in the region. Until now, there was no formal tolling or insurance system for passage through this vital waterway.
According to an Iranian news agency close to the Islamic Revolutionary Guard Corps, the Ministry of Economic Affairs is developing a framework to manage the strait under an insurance scheme. This system would offer multiple marine insurance policies and certificates of financial responsibility tailored to vessels from different countries. Authorities estimate the program could generate over $10 billion in revenue.
Adding to the complexity, some unverified reports and screenshots have surfaced depicting a website called “Hormuz Safe” that claims to sell “Secure Digital Insurance for Maritime Cargo,” accepting Bitcoin as a payment method. However, the authenticity of the website remains uncertain, as it was inaccessible when checked, and experts warn that scammers have previously targeted shipping companies demanding cryptocurrency payments for safe passage.
The consideration of Bitcoin payments aligns with Iran’s recent adaptation to sanctions impacting its access to international financial systems. US authorities recently froze over $300 million worth of Iranian-linked stablecoins like Tether (USDT), which Tehran had reportedly used alongside Bitcoin and even the Chinese yuan to collect tolls. Industry analysts view Bitcoin as a preferred digital currency in sanction-hit countries due to its decentralized nature and resistance to freezing by issuers.
Earlier statements from Iranian officials mentioned ships could pay a $1 tariff per barrel of oil in Bitcoin to cross the Strait once procedural permits are issued. This move underscores Iran’s growing interest in leveraging cryptocurrencies to circumvent financial embargoes and monetize strategic assets.