Iran plans to launch its own ship insurance system for passage through the Strait of Hormuz, using the cryptocurrency Bitcoin for settlements. This was reported by Bloomberg and Al Jazeera, according to UNN.
According to journalists, Tehran has created a new body – the Persian Gulf Strait Authority (PGSA) – which is intended to control traffic in the strait and provide vessels with "insurance" and "security guarantees."
As reported by the Iranian agency Fars, the Hormuz Safe platform allegedly already offers cargo insurance for ships passing through the Strait of Hormuz and the waters of the Persian Gulf. Payment must be made in cryptocurrency.
The article notes that Iran is effectively trying to frame new transit fees for passage through the strait as "insurance." Bloomberg previously reported that Tehran had already charged individual vessels up to $2 million per voyage following the outbreak of war between the US, Israel, and Iran.
In peacetime, approximately 20% of global oil and gas supplies pass through the Strait of Hormuz.
Experts doubt the viability of such a scheme. John Moores Abdul Khalique, head of the Maritime Centre at Liverpool John Moores University, stated that Iran will face "serious financial, legal, and operational obstacles."
According to him, marine insurance requires massive reserves and international support from reinsurers, while sanctions significantly limit Iran's access to the global insurance market.
"The use of Bitcoin could also become a problem, as cryptocurrency transactions are often associated with sanctions evasion and money laundering risks," the report says.
The US, China, and the UN have already spoken out against any fees for passage through the Strait of Hormuz. Washington stated that international waterways must remain open to global shipping without unilateral restrictions.
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