Explained: Why Iran is using Bitcoin to insure ships amid Hormuz crisis

Iran has unveiled a controversial plan to use Bitcoin to insure shipping through the Strait of Hormuz, a move that underscores both the country's desperation amid war-driven isolation and its growing reliance on cryptocurrency. The initiative, dubbed “Hormuz Safe,” comes as the conflict enters its third month, with oil prices stuck above $100 and global trade routes severely disrupted, Business Insider said in a report. A bold but risky experiment Iran's semi-official Fars News Agency reported that the Ministry of Economy and Financial Affairs has launched a shipping insurance service backed by Bitcoin. The program promises “cryptographically verifiable insurance policies” for vessels transiting the Persian Gulf and the Strait of Hormuz, with payments settled in Bitcoin.