Iran Launches Bitcoin-Based Insurance Scheme for Ships Crossing Hormuz

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

According to a screen shot of the insurance company’s website, dubbed Hormuz Safe and shared by Fars news, it “provides Iranian shipping companies and cargo owners with fast, verifiable digital insurance.” Fars didn’t give a detailed break down of how the insurance works and whether it’s available to foreign shipping companies and vessels.

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