Iran Starts Bitcoin-Backed Shipping Insurance for Hormuz Strait

Vessels anchored in the Strait of Hormuz, near Khasab, Oman, on May 17.Source: AFP/Getty Images

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May 18, 2026 at 12:29 PM UTC

Iran has started a Bitcoin-backed insurance service for shipping companies that want to transit the Strait of Hormuz, the semi-official Fars news agency reported, citing documents obtained from Iran’s Ministry of Economy and Financial Affairs.

Dubbed Hormuz Safe, the Iranian government says it could generate more than $10 billion in revenue for the Islamic Republic, Fars reported, without giving a time frame or a breakdown of how the service would work.