Bitcoin: Tensions around the Strait of Hormuz, one of the world’s most important trade routes, are taking on a new dimension. According to Iranian media, Tehran is considering a new system for managing the strait based on “insurance” for ships passing through the area. The model is set to include payments in cryptocurrencies, including Bitcoin.
The information was reported by Iranian agency Fars News, which is closely linked to the Islamic Revolutionary Guard Corps. The agency stated that Iran’s Ministry of Economy is preparing a plan under which passage through the Strait of Hormuz would operate through a system of marine insurance and certificates of financial responsibility.
The entire situation comes at a time of ongoing tension between the United States and Iran. The Strait of Hormuz represents a strategic artery of global oil trade – according to estimates, roughly one-fifth of global oil supplies pass through it. Moreover, following American airstrikes in Iran at the end of February, numerous ships have begun navigating the area with significant complications.
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Screenshots of alleged website circulating on social media
Meanwhile, considerable attention has been drawn to screenshots of a website called “Hormuz Safe,” which began spreading across social media. The site allegedly offered “digital insurance for marine cargo” and according to some speculation was supposed to enable payments in Bitcoin.
However, the authenticity of the website remains unclear. At the time of writing, the site was unavailable and there is no confirmation that it was actually connected to the Iranian government. It is therefore not impossible that it could have been a scam or fake website.
Nevertheless, Fars News stated that the goal of the insurance platform is to be the differentiation of transit vessels by country of origin. According to the agency, the system could bring Iran more than $10 billion annually.
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Bitcoin instead of USDT?
The idea of using Bitcoin does not seem entirely random in the current geopolitical situation. U.S. authorities last month froze approximately $344 million in Tether USDt (USDT) cryptocurrency, which was allegedly linked to Iran.
Indeed, stablecoins pegged to the U.S. dollar were, according to earlier reports, the preferred method of payment for transit or oil fees. In addition to USDT, Iran was supposed to accept Bitcoin and traditional currencies, such as the Chinese yuan.
Part of the cryptocurrency industry has long argued that Bitcoin is more practical for sanctioned countries than stablecoins. The reason is its decentralization – unlike USDT, it has no central issuer who could freeze funds.
Payment within seconds
Moreover, at the beginning of April, information emerged that some ships would be able to pass through the Strait of Hormuz only after paying a tariff of one dollar per barrel of oil, specifically in Bitcoin.
A spokesman for the Iranian union of exporters of oil, gas and petrochemical products stated at the time that the entire process is to be set up very quickly precisely to circumvent sanctions.
“Once the email arrives and Iran completes its assessment, the vessels will have a few seconds to pay in Bitcoin so that the transaction cannot be traced or seized due to sanctions,” the spokesman said at the time.
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Scams are also emerging
At the same time, however, experts warn that fraudulent groups have operated around the Strait of Hormuz in the past, demanding cryptocurrency payments from shipping companies for alleged “safe passage.”
This is precisely why it is not yet certain whether the alleged “Hormuz Safe” project actually represents an official Iranian plan, or is merely another speculation or fraudulent attempt exploiting geopolitical tensions and the popularity of cryptocurrencies.
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