The Economic Times

Why is Iran using Bitcoin (BTC) for the 'Hormuz Safe' shipping insurance system in the Strait of Hormuz amid US-Iran tensions?

Bitcoin (BTC USD) shipping insurance Iran explained: Iran is reportedly launching a bitcoin-backed maritime insurance service, Hormuz Safe, for vessels transiting the Strait of Hormuz. This initiative, amid heightened US-Iran tensions and restricted shipping, aims to provide cryptographically verifiable policies settled in Bitcoin, potentially generating significant revenue.