Iran is reportedly launching a bitcoin-settled maritime insurance platform called Hormuz Safe, targeting cargo owners and shipping companies that transit the Strait of Hormuz and Persian Gulf — and projecting more than $10 billion in revenue for the Islamic Republic.

The platform, backed by Iran’s Ministry of Economy and Financial Affairs, was first reported by the IRGC-affiliated Fars News Agency, which cited internal government documents, according to Bloomberg reporting. 

The Hormuz Safe website describes the service as offering “fast, verifiable digital insurance — paid via bitcoin and settled at the speed of blockchain.” Coverage under the proposed scheme…

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