New Move from Iran for the Hormuz Crisis: Cryptocurrency Insurance System

While the Hormuz crisis in the Middle East continues, a new step has come from Iran. Iran, which stated in the past weeks that it could receive cryptocurrency payments for transit fees from Hormuz, is preparing to launch an insurance system this time.

SWIFT will stay out

There will also be a payment option with Bitcoin for ships and tankers damaged during tensions. In this way, payment systems of the Western world, especially SWIFT, will be excluded. In this way, the USA will not be able to intervene in payments.

Will it be accepted?

It was stated that Iranian officials expect an annual income of over 10 billion dollars from the project.

However, one of the biggest obstacles here is the implementation of the "Safe Hormuz" project.

the possibility of not being recognized by some major global ports... In such a case, the relevant ships or tankers may face the danger of not being admitted to the ports of the Western world.

As it is known, the global maritime insurance system is largely based on Western insurance companies and even the London-based marine insurance system. Payments are also made through dollar-based financial infrastructure.