Iran Introduces Bitcoin-Backed Insurance For Ships Crossing Strait of Hormuz

Last Updated:May 18, 2026, 23:02 IST

Iran launches Bitcoin-backed shipping insurance in the Strait of Hormuz, promising major revenue as tensions with the US rise over security and nuclear demands.

Iran has started a Bitcoin-backed insurance service for shipping companies wanting to transit the Strait of Hormuz, according to a report by Fars news agency.

Citing documents from Iran’s Ministry of Economy and Financial Affairs, the semi-official Iran media stated that this service could generate more than $10 billion in revenue for the Islamic Republic. However, they did not give a time frame or a breakdown of how the service would work.

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Iran has largely blocked shipping through the Strait of Hormuz, which is a key route for passage of global energy supplies and other goods, since the US and Israel launched airstrike on February 28.

Bloomberg quoted Fars citing a screen shot of the Hormuz Safe website that the service will be for “Iranian shipping companies and cargo owners".

“Cryptographically verifiable insurance policies will be provided for shipments passing through the Persian Gulf, the Strait of Hormuz, and the surrounding waterways, and payments will be settled in Bitcoin," Fars reported, citing the website hormuzsafe.ir. “The shipment will be covered from the moment of confirmation and signed receipt will be given to the owner."

This comes as US President Donald Trump on Truth Social issued a fresh threat against Iran telling Tehran to “better get moving, FAST, or there won’t be anything left of them".

Meanwhile, Iran’s top security council has officially announced the formation of a new body to manage the vital Strait of Hormuz.

After launching the Persian Gulf Strait Authority (PGSA) on May 6, Iran’s Supreme National Security Council on Monday announced that it would provide “real‑time updates on the #Hormuz_Strait operations and latest developments".

The announcement came after Ebrahim Azizi, head of the Iranian parliament’s national security commission, said Iran “has prepared a professional mechanism to manage traffic" through the strait.

Meanwhile, Iran on Monday said it has responded to a new US proposal aimed at ending the war, saying exchanges continued despite the Iranian media describing Washington’s demands as excessive.

Iran’s Fars news agency on Sunday said the US had presented a five-point list, which included a demand for Iran to keep only one nuclear site in operation and transfer its stockpile of highly enriched uranium to the United States. However, Washington refused to release “even 25%" of Iran’s frozen assets or pay any reparations for war damage.

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