Iran launches maritime insurance platform Hormuz Safe, settling transactions with Bitcoin and other cryptocurrencies

robot
Abstract generation in progress

Deep Tide TechFlow News, May 18th, according to Crypto Briefing, Iran’s Ministry of Economy recently launched the state-supported digital maritime insurance platform Hormuz Safe, providing insurance services for ships transiting the Persian Gulf and the Strait of Hormuz, settled in Bitcoin and other cryptocurrencies, without the need to go through the SWIFT network or Western financial intermediaries.

The Iranian government believes that if the platform can capture a significant share of the Persian Gulf shipping insurance market, annual revenue could exceed $10 billion. However, the platform faces challenges due to insufficient international recognition—ships using Iran-backed insurance certificates may be rejected by regulators in places like the Netherlands and Singapore, and entities interacting with the platform may face secondary sanctions from the U.S… Analysis suggests that its initial customer base will mainly be limited to Iranian ships and operators with less exposure to U.S. financial pressure.

BTC-1.14%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned